0000912593-24-000094 | 10-K | XBRL Viewer

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Investment in Nonconsolidated Affiliates - Schedule of Investment in Nonconsolidated Affiliates (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Investment carrying value	$ 118.9	$ 101.3
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Investment carrying value	56.8	44.5	$ 36.2
GTSC
Schedule of Equity Method Investments [Line Items]
Investment carrying value	60.4	54.5	$ 35.7
SV Lift, LLC
Schedule of Equity Method Investments [Line Items]
Investment carrying value	$ 1.7	$ 2.3

Share-Based Compensation - Schedule of Restricted Stock Activity (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Weighted Average Grant Date Fair Value
Fair Value of Shares Vested	$ 33.9	$ 29.8	$ 27.8
Restricted Stock
Number of Shares
Unvested restricted shares, beginning balance (in shares)	854,767	788,020	810,814
Granted (in shares)	381,858	372,610	290,607
Vested (in shares)	(243,776)	(278,359)	(305,747)
Forfeited (in shares)	(55,198)	(27,504)	(7,654)
Unvested restricted shares, ending balance (in shares)	937,651	854,767	788,020
Weighted Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share)	$ 140.30	$ 144.19	$ 121.18	$ 105.92
Granted (in dollars per share)	132.73	166.27	131.84
Vested (in dollars per share)	139.03	106.98	91.06
Forfeited (in dollars per share)	153.68	157.11	113.02
Unvested, ending balance (in dollars per share)	$ 140.30	$ 144.19	$ 121.18

Significant Accounting Policies - Narrative (Details) £ in Millions		3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Apr. 12, 2022	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($) site	Dec. 31, 2021 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 property	Dec. 31, 2023 GBP (£)	Dec. 31, 2023 site	Dec. 31, 2022 GBP (£) site
Significant Accounting Policies [Line Items]
Sites								24,347			227,340		92	24,347
Number of operating segments \| segment							3
Cash and cash equivalents								$ 72,800,000		$ 29,200,000
Cash depots in excess of insured amounts								86,800,000		45,600,000
Restricted cash								17,600,000		13,500,000
Marketable securities								127,300,000		0
Minimal cost of investment method, percentage							5.00%
Goodwill impairment		$ 44,800,000	$ 309,700,000	$ 15,400,000	$ 325,100,000	$ 369,900,000	$ 369,900,000	0	$ 0
Goodwill		$ 725,400,000	$ 777,700,000	$ 1,076,900,000	$ 777,700,000	$ 725,400,000		1,018,400,000	495,400,000	733,000,000.0
Receivables from contracts with customers								28,900,000		28,200,000
Advertising costs							33,800,000	30,900,000	14,500,000
Gain (loss) on foreign currency exchanges							(300,000)	5,400,000	$ (3,700,000)
Impairment losses							$ 0
Treasury Rate Lock \| Cash Flow Hedging \| Designated as Hedging Instrument
Significant Accounting Policies [Line Items]
Maximum maturities of contracts	10 years						10 years
Treasury Rate Lock and Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Significant Accounting Policies [Line Items]
Reduction to interest expense expected to be reclassified							$ 15,500,000
Safe Harbor
Significant Accounting Policies [Line Items]
Goodwill								1,000,000,000
Safe Harbor \| Trademarks and trade names
Significant Accounting Policies [Line Items]
Intangibles related to acquisitions								216,600,000
Safe Harbor and Park Holidays
Significant Accounting Policies [Line Items]
Goodwill										733,000,000
Safe Harbor and Park Holidays \| Trademarks and trade names
Significant Accounting Policies [Line Items]
Intangibles related to acquisitions										214,000,000
Park Holidays Cash Deposit
Significant Accounting Policies [Line Items]
Cash depots in excess of insured amounts								9,300,000		2,300,000		£ 1.8		£ 7.7
Other Assets
Significant Accounting Policies [Line Items]
Real estate held for sale								$ 0		$ 0
Maximum
Significant Accounting Policies [Line Items]
Useful life of assets							53 years
Resident balances days past due							90 days
Minimum
Significant Accounting Policies [Line Items]
Useful life of assets							2 months
Resident balances days past due							60 days
Motor Home Community, RV Resort and Marina
Significant Accounting Policies [Line Items]
Number of properties \| property											667
Manufactured Home Community
Significant Accounting Policies [Line Items]
Number of properties \| property											353
Sites \| property											118,430
RV Community
Significant Accounting Policies [Line Items]
Number of properties \| property											179
Marina
Significant Accounting Policies [Line Items]
Number of properties \| property											135
Annual RV Sites
Significant Accounting Policies [Line Items]
Sites \| property											32,390
Transient RV Sites
Significant Accounting Policies [Line Items]
Sites \| property											28,490
Manufactured Home and RV Community
Significant Accounting Policies [Line Items]
Sites \| property											48,030

Revenue

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue

2. Revenue

Disaggregation of Revenue

The following table disaggregates our revenue by major source and segment (in millions):


	Year Ended
	December 31, 2023								December 31, 2022								December 31, 2021
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Revenues
Real property	$	1,064.3	$	563.9	$	431.6	$	2,059.8	$	954.2	$	563.3	$	384.7	$	1,902.2	$	805.4	$	499.5	$	293.3	$	1,598.2
Home sales	374.6		45.3		—		419.9		428.3		37.5		—		465.8		247.1		33.1		—		280.2
Service, retail, dining and entertainment	48.5		89.2		501.2		638.9		40.3		89.1		402.2		531.6		7.2		73.8		270.8		351.8
Interest	39.9		4.9		0.6		45.4		32.1		2.9		0.2		35.2		10.0		2.2		—		12.2
Brokerage commissions and other, net	30.6		23.0		7.0		60.6		19.8		13.7		1.4		34.9		12.9		16.0		1.3		30.2
Total Revenues	$	1,557.9	$	726.3	$	940.4	$	3,224.6	$	1,474.7	$	706.5	$	788.5	$	2,969.7	$	1,082.6	$	624.6	$	565.4	$	2,272.6

Our revenue consists of real property revenue at our MH, RV and Marina properties, revenue from Home sales, Service, retail, dining and entertainment revenue, Interest income, and Brokerage commissions and other revenue.

The majority of our revenue is derived from site and home leases, and wet slip and dry storage space leases that are accounted for pursuant to ASC 842, "Leases." We account for all revenue from contracts with customers following ASC 606, "Revenue from Contracts with Customers," except for those that are within the scope of other topics in the FASB ASC. For additional information, refer to Note 1, "Significant Accounting Policies."

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//606/tableOfContent

+ Details

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The table below sets forth our financial assets and liabilities (in millions) that require disclosure of fair value on a recurring basis as of December 31, 2023. The table presents the carrying values and fair values of our financial instruments as of December 31, 2023 and 2022, that were measured using the valuation techniques described in Note 1, "Significant Accounting Policies." The table excludes other financial instruments such as other receivables and accounts payable as the carrying values associated with these instruments approximate their fair value since their maturities are less than one year. These are classified as Level 1 in the hierarchy.


	December 31, 2023
	Carrying Value		Fair Value
			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets
Cash, cash equivalents and restricted cash	$	42.7	$	42.7	$	—	$	—	$	42.7

Installment notes receivable on manufactured homes, net	19.6		—		—		19.6		19.6

Notes receivable from real estate developers and operators	134.5		—		—		134.5		134.5
Collateralized receivables, net	56.2		—		—		56.2		56.2
Derivative assets	11.7		—		11.7		—		11.7
Total assets measured at fair value	$	264.7	$	42.7	$	11.7	$	210.3	$	264.7

Financial Liabilities
Mortgage loan payable	$	3,478.9	$	—	$	3,167.0	$	—	$	3,167.0
Secured borrowings on collateralized receivables	55.8		—		—		55.8		55.8
Total secured debt	3,534.7		—		3,167.0		55.8		3,222.8
Unsecured debt
Senior unsecured notes	2,177.5		—		1,973.2		—		1,973.2

Line of credit and other unsecured debt	2,065.1		—		2,065.1		—		2,065.1
Total unsecured debt	4,242.6		—		4,038.3		—		4,038.3
Derivative liabilities	7.7		—		7.7		—		7.7
Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,805.2	$	—	$	7,213.0	$	76.0	$	7,289.0


	December 31, 2022
			Fair Value
	Carrying Value		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets
Cash, cash equivalents and restricted cash	$	90.4	$	90.4	$	—	$	—	$	90.4
Marketable securities	127.3		127.3		—		—		127.3
Installment notes receivable on manufactured homes, net	65.9		—		—		65.9		65.9

Notes receivable from real estate developers and operators	305.2		—		—		305.2		305.2
Derivative assets	32.0		—		32.0		—		32.0
Total assets measured at fair value	$	620.8	$	217.7	$	32.0	$	371.1	$	620.8

Financial Liabilities
Mortgage loan payable	$	3,217.8	$	—	$	2,814.1	$	—	$	2,814.1
Unsecured debt
Senior unsecured notes	1,779.6		—		1,432.7		—		1,432.7


Line of credit and other unsecured debt	2,199.8		—		2,199.8		—		2,199.8
Total unsecured debt	3,979.4		—		3,632.5		—		3,632.5
Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,217.4	$	—	$	6,446.6	$	20.2	$	6,466.8

Schedule of Change in Marketable Securities

The change in the marketable securities balance is as follows (in millions):



	December 31, 2023		December 31, 2022
Beginning Balance	$	127.3	$	186.9

Change in fair value measurement	(16.0)		(53.4)
Foreign currency exchange losses	(7.8)		(7.7)
Dividend reinvestment, net of tax	—		1.5
Dispositions(1)	(103.5)		—
Ending Balance	$	—	$	127.3

(1)During the year ended December 31, 2023, we sold our 41.8 million share position in Ingenia, generating $102.5 million of proceeds, net of $1.0 million of underwriting and other fees, with a realized loss of $8.0 million. The proceeds were used to pay down amounts drawn under our Senior Credit Facility.

Schedule of Changes of Level 3 Financial Instruments

The following tables summarize changes to our financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the years ended December 31, 2023 and 2022 (in millions):


	Year Ended
	December 31, 2023												December 31, 2022
Assets:	Installment Notes Receivable on MH, net			Notes Receivable From Real Estate Developers and Operators			Collateralized Receivables, net			Warrants			Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Developers and Operators		Warrants
Level 3 beginning balance at December 31, 2023 and 2022	$	65.9		$	305.2		$	—		$	—		$	79.1	$	284.0	$	—


Realized gains / (losses)	(3.8)		(1)	(102.9)		(1)	1.5		(2)	(0.4)		(3)	(0.8)		—		(3.4)		(3)
Purchases and issuances	22.0			187.4			—			0.4			1.0		79.3		3.4
Sales and settlements	(9.2)			(275.0)			(0.6)			—			(13.4)		(34.9)		—

Foreign currency exchange gains / (losses)	—			19.7			—			—			—		(23.3)		—

Other adjustments(4)	(55.3)			0.1			55.3			—			—		0.1		—
Level 3 ending balance at December 31, 2023 and 2022	$	19.6		$	134.5		$	56.2		$	—		$	65.9	$	305.2	$	—

(1) Realized losses recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations.

(2) Realized gains recorded within Other expense, net on the Consolidated Statements of Operations.

(3) Realized losses recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations.

(4) Primarily relates to the transfer of Installment notes receivable classified Collateralized receivables, net. Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets." for additional details.


	Year Ended
	December 31, 2023					December 31, 2022
Liabilities:	Secured Borrowing on Collateralized Receivables			Other Liabilities (Contingent Consideration)		Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)
Level 3 beginning balance at December 31, 2023 and 2022	$	—		$	20.2	$	—	$	20.2


Realized losses	1.9		(1)	—		—		—
Purchases and issuances	54.5			—		—		—
Sales and settlements	(0.6)			—		—		—

Other adjustments	—			—		—		—
Level 3 ending balance at December 31, 2023 and 2022(1)	$	55.8		$	20.2	$	—	$	20.2

(1) Realized losses are recorded within Other expense, net on the Consolidated Statements of Operations.

Share-Based Compensation - Schedule of Expected Share Based Compensation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Share-Based Payment Arrangement [Abstract]
2024	$ 34.0
2025	25.5
2026	16.9
Thereafter	$ 10.0

Equity and Temporary Equity - Schedule of Common OP Units Issued in Connection with Acquisitions of Certain Properties (Details) - USD ($) $ in Millions	1 Months Ended			3 Months Ended	12 Months Ended
	Jan. 31, 2023	May 31, 2022	Feb. 28, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Value at Issuance (in millions)					$ 28.3	$ 1,249.1	$ 1,079.3
Investment carrying value					118.9	$ 101.3
Rudgate
Class of Stock [Line Items]
Ownership interest				100.00%
Rudgate
Class of Stock [Line Items]
Purchase price				$ 3.1
Common OP units \| Rudgate
Class of Stock [Line Items]
Common OP Units Issued (in shares)		10,854
Value at Issuance (in millions)		$ 1.8
Stock issued (in shares)				10,854
Fox Run \| Common OP units
Class of Stock [Line Items]
Common OP Units Issued (in shares)	31,289
Value at Issuance (in millions)	$ 4.4				$ 4.4
Kittery Point \| Common OP units
Class of Stock [Line Items]
Common OP Units Issued (in shares)		5,605
Value at Issuance (in millions)		$ 1.0
Jarrett Bay Boatworks \| Common OP units
Class of Stock [Line Items]
Common OP Units Issued (in shares)			14,683
Value at Issuance (in millions)			$ 2.8

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Schedule of Future Minimum Finance Lease Payments

Future minimum lease payments under non-cancellable leases as of December 31, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2024	$	4.6	$	13.9	$	18.5
2025	0.5		13.8		14.3
2026	0.5		12.3		12.8
2027	0.5		10.3		10.8
2028	0.5		9.6		10.1
Thereafter	21.5		236.3		257.8
Total Lease Payments	$	28.1	$	296.2	$	324.3
Less: Imputed interest	(13.8)		(136.7)		(150.5)
Present Value of Lease Liabilities	$	14.3	$	159.5	$	173.8

Schedule of Future Minimum Operating Lease Payments

Future minimum lease payments under non-cancellable leases as of December 31, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2024	$	4.6	$	13.9	$	18.5
2025	0.5		13.8		14.3
2026	0.5		12.3		12.8
2027	0.5		10.3		10.8
2028	0.5		9.6		10.1
Thereafter	21.5		236.3		257.8
Total Lease Payments	$	28.1	$	296.2	$	324.3
Less: Imputed interest	(13.8)		(136.7)		(150.5)
Present Value of Lease Liabilities	$	14.3	$	159.5	$	173.8

Schedule of Right-of-Use Assets and Liabilities

Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):


	Financial Statement Classification	As of
Description		December 31, 2023		December 31, 2022
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	32.6	$	32.2
Operating lease, ROU asset, net	Other assets, net	$	176.0	$	189.4
Below market operating leases, net	Other assets, net	$	95.0	$	90.9
Lease Liabilities
Finance lease liabilities	Other liabilities	$	14.3	$	15.0
Operating lease liabilities	Other liabilities	$	159.5	$	160.3

Schedule of Lease Expense

The components of lease costs for finance and operating leases, as included in our Consolidated Statements of Operations are as follows (in millions):



		Year Ended
Description	Financial Statement Classification	December 31, 2023		December 31, 2022		December 31, 2021
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	1.6	$	2.7	$	—
Interest on lease liabilities	Interest expense	0.6		0.5		0.2
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	19.2		8.5		11.4
Operating lease impairment(1)	Other expense, net	—		4.0		—
Variable lease cost	Property operating and maintenance	8.7		3.0		6.8

Total Lease Cost		$	30.1	$	18.7	$	18.4

(1)Refer to Note 1, "Significant Accounting Policies," for additional details.

The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):


		Year Ended
Description	Financial Statement Classification		December 31, 2023		December 31, 2022		December 31, 2021
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net		$	31.6	$	28.9	$	23.0
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net		$	5.2	$	2.9	$	5.7

(1)Consists of rent primarily based on a percentage of operating revenues beyond target thresholds.

Additional Information for Finance and Operating Leases

Lease term, discount rates and additional information for finance and operating leases are as follows:


	As of
Lease Term and Discount Rate	December 31, 2023		December 31, 2022
Weighted-average Remaining Lease Terms (years)
Finance lease	36.63		37.87
Operating lease	27.71		33.97
Weighted-average Discount Rate
Finance lease	3.59	%	3.38	%
Operating lease	3.82	%	3.80	%


	Year Ended
Other Information (in millions)	December 31, 2023		December 31, 2022		December 31, 2021
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	13.5	$	12.1	$	6.6

Financing cash outflows for finance leases	0.8		6.2		0.3
Total Cash Paid on Lease Liabilities	$	14.3	$	18.3	$	6.9

Schedule of Future Minimum Lease Payments to be Received

At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of December 31, 2023 (in millions):


Maturity of Lease Payments	Operating Leases
2024	$	22.4
2025	15.9
2026	11.4
2027	7.4
2028	6.5
Thereafter	72.7
Total Undiscounted Cash Flows	$	136.3

Schedule of Future Minimum Rental Payments

The following table presents the future minimum rental payments for this financial liability as of December 31, 2023 (in millions):


Maturity of Financial Liability (in millions)	December 31, 2023
2024	$	11.4
2025	12.0
2026	12.1
2027	12.2
2028	12.1
Thereafter	1,757.2
Total Payments	$	1,817.0
Less: Imputed interest	(1,457.3)
Present Value of Financial Liability	$	359.7

Leases - Schedule of Components of Lease Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessor, Lease, Description [Line Items]
Fixed lease income	$ 2,059.8	$ 1,902.2	$ 1,598.2
Variable lease income	5.2	2.9	5.7
Real Estate Operator
Lessor, Lease, Description [Line Items]
Fixed lease income	$ 31.6	$ 28.9	$ 23.0

Debt and Line of Credit - Schedule of Interest Capitalized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Disclosure [Abstract]
Interest capitalized	$ 12.9	$ 7.0	$ 4.5

Equity and Temporary Equity - Schedule of Distributions (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 16, 2024	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Distribution Per Share			$ 3.67	$ 3.47	$ 3.28
Common Stock
Class of Stock [Line Items]
Distribution Per Share		$ 0.93
Common Stock \| Subsequent Event
Class of Stock [Line Items]
Total Distribution (in Millions)	$ 118.2

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 272
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482987/272-10-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(d))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-18

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(27)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(i)(2)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3

+ Details

Goodwill and Other Intangible Assets - Schedule of Intangible Asset Amortization Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	$ 37.1	$ 36.9	$ 43.5
In-place leases
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	11.1	15.3	28.5
Non-competition agreements
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	2.1	2.1	2.0
Trademarks and trade names
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	6.5	4.5	0.9
Customer relationships
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	12.7	12.3	9.9
Franchise agreements and other intangible assets
Schedule of Finite-Lived Intangible Assets, Amortization Expense [Line Items]
Other Intangible Asset Amortization Expense	$ 4.7	$ 2.7	$ 2.2

SCHEDULE III - Investment Property Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Real Estate and Accumulated Depreciation [Line Items]
Aggregate cost of total real estate for federal income tax purposes	$ 10,900.0
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward]
Beginning balance	16,709.9	$ 13,762.7	$ 11,684.6
Property and land acquisitions, including immediate improvements	368.3	2,657.0	1,730.5
Property expansion and development	276.3	261.8	201.6
Improvements	506.0	418.4	300.3
Asset impairment	(8.1)	(87.3)	0.0
Dispositions and other	(135.9)	(302.7)	(154.3)
Ending balance	$ 17,716.5	$ 16,709.9	$ 13,762.7
Minimum
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	2 months
Minimum \| Land improvements and buildings
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	1 year
Minimum \| Furniture, fixtures and equipment
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	1 year
Minimum \| Dock improvements
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	1 year
Minimum \| Site improvements
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	1 year
Maximum
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	53 years
Maximum \| Land improvements and buildings
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	53 years
Maximum \| Furniture, fixtures and equipment
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	40 years
Maximum \| Dock improvements
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	52 years
Maximum \| Site improvements
Real Estate and Accumulated Depreciation [Line Items]
Useful life of assets	40 years

Derivative Financial Instruments

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

15. Derivative Financial Instruments

We hold treasury rate lock contracts, interest rate swaps, and forward swaps for interest rate risk management purposes. We do not enter into derivative instruments for speculative purposes. As of December 31, 2023 and 2022, respectively, we held 13 and 5 derivative contracts, which have each been designated as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." The risks being hedged are the interest rate risk related to outstanding floating rate debt and forecasted debt issuance transactions, and the benchmark interest rates used are the SOFR and the SONIA Rate.

Derivative Contract Activity

During the year ended December 31, 2023 and 2022, we entered into the following derivative contracts (with notional amounts in millions):

Period
(Three months ended)

Number of Contracts

Instrument Type

Currency

Notional Amount

Index Type

Hedged Item

December 31, 2023

Forward Swap

USD

255.0

SOFR

Future Debt Offering

Interest Rate Swap

USD

25.0

SOFR

Term Loan Senior Credit Facility

September 30, 2023

Interest Rate Swap

USD

125.0

SOFR

Term Loan Senior Credit Facility

March 31, 2023

Interest Rate Swap

GBP(1)

127.3

SONIA

Term Loan Senior Credit Facility

Interest Rate Swap

USD

50.0

SOFR

Future Debt Offering

Total

582.3

December 31, 2022

Forward Swap

USD

50.0

SOFR

Future Debt Offering

September 30, 2022

Interest Rate Swap

GBP(3)

483.6

SONIA

Future Debt Offering

Treasury Rate Locks(2)

200.0

SOFR

Future Debt Offering

Total

733.6

(1) The notional amount of the swap contract in local currency is £100.0 million. The USD equivalent amount is converted as of December 31, 2023.

(2) This includes two $100.0 million treasury rate locks.

(3) The notional amount of the swap contract in local currency is £400.0 million. The USD equivalent amount is converted as of December 31, 2022.

During the year ended December 31, 2023 and 2022, we terminated the following derivative contracts (amounts in millions):


Period (Three months ended)	Type	Currency	Notional Amount		Cash Settlement Received
December 31, 2023	Interest Rate Swap	USD	$	50.0	$	6.0
March 31, 2023	Treasury Rate Locks & Forward Swap(1)	USD	250.0		7.4		(1)
Total			$	300.0	$	13.4
June 30, 2022	Treasury Rate Locks(2)	USD	600.0		35.3		(2)
Total			$	600.0	$	35.3

(1) These includes two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the 2033 Notes issuance.

(2) These includes four $150.0 million treasury rate locks which were terminated in connection with the issuance of $600.0 million of senior unsecured notes issued April 2022.

As of December 31, 2023, the net accumulated gains from the aforementioned settlements are included in Accumulated other comprehensive income / (loss) on our Consolidated Balance Sheets, and will be amortized as a reduction to interest expense over the term of the hedged transactions.

The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):


	December 31, 2023						December 31, 2022
Derivatives designated as cash flow hedges	Notional		Fair Value of Assets(1)		Fair Value of Liabilities(2)		Notional		Fair Value of Assets(1)		Fair Value of Liabilities
Interest rate derivatives	$	1,041.5	$	11.7	$	7.7	$	733.6	$	32.0	$	—

(1)Included within Other assets, net on the Consolidated Balance Sheets.

(2)Included within Other liabilities on the Consolidated Balance Sheets.

The following table presents the gain / (loss) on derivatives in cash flow hedging relationships recognized in Accumulated other comprehensive income / (loss) (in millions):


	Year Ended
Derivatives designated as cash flow hedges	December 31, 2023		December 31, 2022		December 31, 2021
Interest rate derivatives	$	(4.9)	$	64.3	$	0.4

The following table presents the amount of gains on derivative instruments reclassified from Accumulated other comprehensive income / (loss) into earnings (in millions):


		Year Ended
Derivatives designated as cash flow hedges	Financial Statement Classification	December 31, 2023		December 31, 2022		December 31, 2021
Interest rate derivatives	Interest expense	$	14.9	$	1.3	$	—

Refer to Note 1, "Significant Accounting Policies," for disclosure of where cash flows associated with derivative instruments and their related gains and losses are presented in the statement of cash flows. Refer to Note 16, "Fair Value of Financial Instruments," for additional information related to the fair value methodology used for derivative financial instruments and Note 21, "Subsequent Events," for information regarding additional derivatives transactions subsequent to year end.

Subsequent Events - Narrative (Details) £ in Millions, $ in Millions	1 Months Ended		2 Months Ended		12 Months Ended
	Jan. 31, 2024 USD ($) segment parkingGarage	Feb. 28, 2023 USD ($) property	Feb. 28, 2024 USD ($) property developmentSite landParcel	Feb. 27, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) landParcel	Dec. 31, 2021 USD ($)	Feb. 21, 2024 USD ($)	Feb. 14, 2024 USD ($)	Sep. 30, 2023 USD ($)	Mar. 31, 2023 GBP (£)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 GBP (£)
Subsequent Event [Line Items]
Number of land parcels \| landParcel						6
Payments to acquire land					$ 35.8	$ 26.2
Gain on dispositions of properties					11.0	12.2	$ 108.1
Revolving borrowings					7,816.4
Notional					582.3	$ 733.6
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| UK Non-Operating Properties
Subsequent Event [Line Items]
Number of properties sold \| property		2
Total consideration		$ 111.5
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| UK Non-Operating Properties \| Gain / (loss) on disposition of properties
Subsequent Event [Line Items]
Gain on dispositions of properties					(2.2)
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Florida and Arizona \| Gain / (loss) on disposition of properties \| Forecast [Member]
Subsequent Event [Line Items]
Gain on dispositions of properties				$ 6.3
Interest Rate Swap
Subsequent Event [Line Items]
Notional					$ 25.0					$ 125.0	£ 100.0	$ 483.6	£ 400.0
Subsequent Event
Subsequent Event [Line Items]
Number of land parcels \| landParcel			1
Payments to acquire land			$ 11.7
Subsequent Event \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| UK Non-Operating Properties
Subsequent Event [Line Items]
Number of properties sold \| property			3
Proceeds from sale of real estate				7.0
Total consideration								$ 10.7
Incremental fair value remeasurement adjustment				0.8
Subsequent Event \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Florida and Arizona
Subsequent Event [Line Items]
Number of properties sold \| developmentSite			2
Number of housing sites sold \| developmentSite			533
Proceeds from sale of real estate				$ 53.3
Subsequent Event \| Parking Garages \| Positive Outcome of Litigation
Subsequent Event [Line Items]
Number of parking garages acquired in settlement \| parkingGarage	2
Additions to building and land acquired in settlement	$ 10.4
Subsequent Event \| Interest Rate Swap
Subsequent Event [Line Items]
Notional									$ 25.0
Subsequent Event \| Cash Flow Hedging \| Designated as Hedging Instrument \| Forward Contracts
Subsequent Event [Line Items]
Number of instruments settled \| segment	7
Notional	$ 255.0
Net settlement payment	$ 2.3
Derivative term	5 years
Subsequent Event \| Senior Notes \| 5.5% Senior Unsecured Notes Due 2029
Subsequent Event [Line Items]
Revolving borrowings	$ 500.0
Interest Rate	5.50%
Debt term	5 years
Net proceeds from senior unsecured notes offering	$ 495.4

Real Estate Acquisitions and Dispositions - Schedule of 2022 Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2023	Dec. 31, 2022
Asset Acquisitions
Investment in property		$ 107.4
Inventory of manufactured homes, boat parts and retail related items		0.1
Goodwill and other intangible assets		0.4
Other assets, net		4.2
Total identifiable assets acquired net of liabilities assumed		112.1
Cash and escrow		7.1
Temporary and permanent equity		105.0
Total consideration		112.1
Business Combination
Investment in property	$ 2,213.9		$ 2,213.9
Inventory of manufactured homes, boat parts and retail related items	44.3		44.3
In-place leases, goodwill and other intangible assets	729.2		729.2
Other assets / (liabilities), net	(801.5)		(801.5)
Total identifiable assets and liabilities assumed	2,185.9		2,185.9
Temporary and permanent equity			37.7
Total consideration			2,185.9
Cash and escrow			2,148.2
Revolving borrowings		7,816.4
Secured Debt
Business Combination
Revolving borrowings		3,549.7
Blue Water Loan \| Secured Debt
Business Combination
Revolving borrowings	12.9		12.9
Forgiveness of remaining loan balance	7.9
Jarrett Bay Boatworks
Business Combination
Investment in property	21.3		21.3
Inventory of manufactured homes, boat parts and retail related items	1.4		1.4
In-place leases, goodwill and other intangible assets	47.5		47.5
Other assets / (liabilities), net	1.0		1.0
Total identifiable assets and liabilities assumed	71.2		71.2
Cash and escrow			68.4
Temporary and permanent equity			2.8
Total consideration			71.2
Park Holidays
Business Combination
Investment in property	1,254.7		1,254.7
Inventory of manufactured homes, boat parts and retail related items	29.5		29.5
In-place leases, goodwill and other intangible assets	574.5		574.5
Other assets / (liabilities), net	(624.9)		(624.9)
Total identifiable assets and liabilities assumed	1,233.8		1,233.8
Cash and escrow			1,199.9
Temporary and permanent equity		$ 33.9	33.9
Total consideration			1,233.8
Acquired intangible assets subject to amortization			$ 70.2
Acquired intangible assets weighted average amortization period			14 years 7 months 6 days
Park Leisure
Business Combination
Investment in property	259.5		$ 259.5
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
In-place leases, goodwill and other intangible assets	76.4		76.4
Other assets / (liabilities), net	(110.1)		(110.1)
Total identifiable assets and liabilities assumed	225.8		225.8
Cash and escrow			225.8
Temporary and permanent equity			0.0
Total consideration			225.8
Montauk Yacht Club
Business Combination
Investment in property	163.6		163.6
Inventory of manufactured homes, boat parts and retail related items	0.3		0.3
In-place leases, goodwill and other intangible assets	26.3		26.3
Other assets / (liabilities), net	0.3		0.3
Total identifiable assets and liabilities assumed	190.5		190.5
Cash and escrow			190.5
Temporary and permanent equity			0.0
Total consideration			190.5
Harrison Yacht Yard
Asset Acquisitions
Investment in property	5.8		5.8
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.0		0.0
Other assets, net	0.0		0.0
Total identifiable assets acquired net of liabilities assumed	5.8		5.8
Cash and escrow			5.8
Temporary and permanent equity			0.0
Total consideration			5.8
Outer Banks
Asset Acquisitions
Investment in property	5.2		5.2
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.0		0.0
Other assets, net	(0.4)		(0.4)
Total identifiable assets acquired net of liabilities assumed	4.8		4.8
Cash and escrow			4.8
Temporary and permanent equity			0.0
Total consideration			4.8
Tower Marine
Asset Acquisitions
Investment in property	20.2		20.2
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.2		0.2
Other assets, net	(2.1)		(2.1)
Total identifiable assets acquired net of liabilities assumed	18.3		18.3
Cash and escrow			18.3
Temporary and permanent equity			0.0
Total consideration			18.3
Sandy Bay
Asset Acquisitions
Investment in property	247.9		247.9
Inventory of manufactured homes, boat parts and retail related items	9.4		9.4
Goodwill and other intangible assets	2.1		2.1
Other assets, net	(68.3)		(68.3)
Total identifiable assets acquired net of liabilities assumed	191.1		191.1
Cash and escrow			191.1
Temporary and permanent equity			0.0
Total consideration			191.1
Christies Parks
Asset Acquisitions
Investment in property	10.1		10.1
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.0		0.0
Other assets, net	2.1		2.1
Total identifiable assets acquired net of liabilities assumed	12.2		12.2
Cash and escrow			12.2
Temporary and permanent equity			0.0
Total consideration			12.2
Bluewater
Asset Acquisitions
Investment in property	25.3		25.3
Inventory of manufactured homes, boat parts and retail related items	1.3		1.3
Goodwill and other intangible assets	0.1		0.1
Other assets, net	1.3		1.3
Total identifiable assets acquired net of liabilities assumed	28.0		28.0
Cash and escrow			28.0
Temporary and permanent equity			0.0
Total consideration			28.0
Bodmin Holiday Park
Asset Acquisitions
Investment in property	13.1		13.1
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.0		0.0
Other assets, net	0.0		0.0
Total identifiable assets acquired net of liabilities assumed	13.1		13.1
Cash and escrow			13.1
Temporary and permanent equity			0.0
Total consideration			13.1
Kittery Point
Asset Acquisitions
Investment in property	8.0		8.0
Inventory of manufactured homes, boat parts and retail related items	0.1		0.1
Goodwill and other intangible assets	0.0		0.0
Other assets, net	(0.1)		(0.1)
Total identifiable assets acquired net of liabilities assumed	8.0		8.0
Cash and escrow			7.0
Temporary and permanent equity			1.0
Total consideration			8.0
Spanish Trails MHC
Asset Acquisitions
Investment in property	20.6		20.6
Inventory of manufactured homes, boat parts and retail related items	1.8		1.8
Goodwill and other intangible assets	0.0		0.0
Other assets, net	0.0		0.0
Total identifiable assets acquired net of liabilities assumed	22.4		22.4
Cash and escrow			22.4
Temporary and permanent equity			0.0
Total consideration			22.4
Pine Acre Trails
Asset Acquisitions
Investment in property	29.7		29.7
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.0		0.0
Other assets, net	0.0		0.0
Total identifiable assets acquired net of liabilities assumed	29.7		29.7
Cash and escrow			29.7
Temporary and permanent equity			0.0
Total consideration			29.7
Bel Air Estates & Sunrise Estates
Asset Acquisitions
Investment in property	39.3		39.3
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.7		0.7
Other assets, net	0.0		0.0
Total identifiable assets acquired net of liabilities assumed	40.0		40.0
Cash and escrow			40.0
Temporary and permanent equity			0.0
Total consideration			40.0
Callaly Leisure
Asset Acquisitions
Investment in property	23.8		23.8
Inventory of manufactured homes, boat parts and retail related items	0.1		0.1
Goodwill and other intangible assets	0.0		0.0
Other assets, net	(0.3)		(0.3)
Total identifiable assets acquired net of liabilities assumed	23.6		23.6
Cash and escrow			23.6
Temporary and permanent equity			0.0
Total consideration			23.6
Newhaven
Asset Acquisitions
Investment in property	6.2		6.2
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.0		0.0
Other assets, net	0.0		0.0
Total identifiable assets acquired net of liabilities assumed	6.2		6.2
Cash and escrow			6.2
Temporary and permanent equity			0.0
Total consideration			6.2
Bayfront Marina
Asset Acquisitions
Investment in property	11.3		11.3
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.9		0.9
Other assets, net	(0.5)		(0.5)
Total identifiable assets acquired net of liabilities assumed	11.7		11.7
Cash and escrow			11.7
Temporary and permanent equity			0.0
Total consideration			11.7
Marina Bay Yacht Harbor
Asset Acquisitions
Investment in property	16.2		16.2
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.2		0.2
Other assets, net	(0.7)		(0.7)
Total identifiable assets acquired net of liabilities assumed	15.7		15.7
Cash and escrow			15.7
Temporary and permanent equity			0.0
Total consideration			15.7
Jellystone Lincoln
Asset Acquisitions
Investment in property	17.0		17.0
Inventory of manufactured homes, boat parts and retail related items	0.0		0.0
Goodwill and other intangible assets	0.0		0.0
Other assets, net	1.2		1.2
Total identifiable assets acquired net of liabilities assumed	18.2		18.2
Cash and escrow			18.2
Temporary and permanent equity			0.0
Total consideration	17.0		18.2
Business Combination
Purchase and sale agreement, cash consideration payment	5.0
Consideration transferred, loaned amount	3.7
Additional consideration transferred for vacation rental units	0.4
Norway Commons
Asset Acquisitions
Investment in property	15.1		15.1
Inventory of manufactured homes, boat parts and retail related items	0.4		0.4
Goodwill and other intangible assets	0.3		0.3
Other assets, net	0.0		0.0
Total identifiable assets acquired net of liabilities assumed	15.8		15.8
Cash and escrow			15.8
Temporary and permanent equity			0.0
Total consideration			15.8
Bluewater Yacht Sales
Asset Acquisitions
Investment in property	0.1		0.1
Goodwill and other intangible assets	17.6		17.6
Other assets, net	$ 0.4		$ 0.4

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	$ 441.8	$ 437.2
Accumulated Amortization	(216.3)	(178.6)
Indefinite-lived intangible assets	144.0	143.4
Total	585.8	580.6
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	141.0	140.9
Indefinite-lived assets - Other
Acquired Finite-Lived Intangible Assets [Line Items]
Indefinite-lived intangible assets	3.0	2.5
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	166.0	165.7
Accumulated Amortization	$ (146.2)	(135.4)
Non-competition agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	5 years
Finite-lived intangible assets, gross carrying amount	$ 10.5	10.5
Accumulated Amortization	(6.2)	(4.1)
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	85.3	81.2
Accumulated Amortization	(12.3)	(5.5)
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	131.6	131.5
Accumulated Amortization	(37.3)	(24.7)
Franchise agreements and other intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible assets, gross carrying amount	48.4	48.3
Accumulated Amortization	$ (14.3)	$ (8.9)
Minimum \| In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	2 months
Minimum \| Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	3 years
Minimum \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	4 years
Minimum \| Franchise agreements and other intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	1 year
Maximum \| In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	13 years
Maximum \| Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	15 years
Maximum \| Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	17 years
Maximum \| Franchise agreements and other intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
Useful Life	27 years

Equity and Temporary Equity - Schedule of Conversions (Details)	12 Months Ended
	Dec. 31, 2023 shares	Dec. 31, 2022 shares
Aspen preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	293,838
Common OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	8,848	150,393
Common Stock \| Aspen preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	113,972	8,007
Common Stock \| Series A-1 preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	13,177	164,566
Common Stock \| Series C preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	183	166
Common Stock \| Series E preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	0	6,896
Common Stock \| Series G preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	19,353	0
Common Stock \| Series H preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	78	24
Common Stock \| Series I preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	0	562,195
Common Stock \| Series J preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	1,212	0
Common OP units \| Common OP units
Class of Stock [Line Items]
Conversion Rate	1.0000
Conversion of OP units (in shares)	8,848	150,393
Preferred Stock \| Aspen preferred OP units
Class of Stock [Line Items]
Conversion of OP units (in shares)	1,258,819	25,000
Preferred Stock \| Series A-1 preferred OP units
Class of Stock [Line Items]
Conversion Rate	2.4390
Conversion of OP units (in shares)	5,404	67,476
Preferred Stock \| Series C preferred OP units
Class of Stock [Line Items]
Conversion Rate	1.1100
Conversion of OP units (in shares)	165	150
Preferred Stock \| Series E preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6897
Conversion of OP units (in shares)	0	10,000
Preferred Stock \| Series G preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6452
Conversion of OP units (in shares)	30,000	0
Preferred Stock \| Series H preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6098
Conversion of OP units (in shares)	129	40
Preferred Stock \| Series I preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6098
Conversion of OP units (in shares)	0	922,000
Preferred Stock \| Series J preferred OP units
Class of Stock [Line Items]
Conversion Rate	0.6061
Conversion of OP units (in shares)	2,000	0

Significant Accounting Policies - Estimated Use Lives (Details)	Dec. 31, 2023
Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	2 months
Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	53 years
Non-competition agreements
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	5 years
In-place leases (including slip in-place leases) \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	2 months
In-place leases (including slip in-place leases) \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	13 years
Customer relationships \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	4 years
Customer relationships \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	17 years
Franchise agreements and other intangible assets \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	1 year
Franchise agreements and other intangible assets \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	27 years
Trademarks and trade names \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	3 years
Trademarks and trade names \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of finite-lived intangible assets	15 years
Land improvements and buildings \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	1 year
Land improvements and buildings \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	53 years
Rental homes
Property, Plant and Equipment [Line Items]
Useful life of assets	10 years
Furniture, fixtures and equipment \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	1 year
Furniture, fixtures and equipment \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	40 years
Computer hardware and software \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	1 year
Computer hardware and software \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	8 years
Dock improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	1 year
Dock improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	52 years
Site improvements \| Minimum
Property, Plant and Equipment [Line Items]
Useful life of assets	1 year
Site improvements \| Maximum
Property, Plant and Equipment [Line Items]
Useful life of assets	40 years

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2023
Audit Information [Abstract]
Auditor Firm ID	248
Auditor Name	GRANT THORNTON LLP
Auditor Location	Philadelphia, Pennsylvania

Fair Value of Financial Instruments - Schedule of Changes in Marketable Securities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Schedule of Changes in Marketable Securities [Roll Forward]
Underwriting and other fees	$ 1.0
Ingenia Communities Group
Schedule of Changes in Marketable Securities [Roll Forward]
Loss on sale of investment	8.0
Marketable securities \| Ingenia Communities Group
Schedule of Changes in Marketable Securities [Roll Forward]
Number of investment shares sold	41.8
Proceeds from sale of marketable securities	102.5
Fair Value, Recurring \| Marketable securities
Schedule of Changes in Marketable Securities [Roll Forward]
Beginning Balance	127.3	$ 186.9
Change in fair value measurement	(16.0)	(53.4)
Foreign currency exchange losses	(7.8)	(7.7)
Dividend reinvestment, net of tax	0.0	1.5
Dispositions	(103.5)	0.0
Ending Balance	$ 0.0	$ 127.3

Notes and Other Receivables - Schedule of Notes and Other Receivables (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes and other receivables, net	$ 421.6	$ 617.3
Total Notes and Other Receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	421.6	617.3
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	134.5	305.2
Other receivables, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	$ 267.5	$ 246.2

Consolidated Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of Variable Interest Entities [Abstract]

Schedule of Variable Interest Entities

The following table summarizes the assets and liabilities of our consolidated VIEs after eliminations, with the exception of the Operating Partnership, included in our Consolidated Balance Sheets after eliminations (in millions):


	December 31, 2023		December 31, 2022
Assets
Investment property, net	$	132.3	$	739.7
Cash, cash equivalents and restricted cash	2.9		14.1
Other intangible assets, net	0.1		13.0
Other assets, net	0.4		10.5
Total Assets	$	135.7	$	777.3

Liabilities and Other Equity
Secured debt	$	3.2	$	22.2
Unsecured debt	—		35.2
Advanced reservation deposits and rent	0.4		13.8
Accrued expenses and accounts payable	24.1		11.8
Other liabilities	—		1.4
Total Liabilities	27.7		84.4
Temporary equity	10.7		41.3

Total Liabilities and Other Equity	$	38.4	$	125.7

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Debt and Line of Credit - Narrative - Aspen Preferred OP Units and Series B-3 Preferred OP Units (Details) $ / shares in Units, $ in Millions	1 Months Ended	3 Months Ended	12 Months Ended
	Jan. 31, 2020 Rate shares	Mar. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares
Debt Instrument [Line Items]
Conversion of OP units \| $			$ 12.8	$ 93.3
Aspen preferred OP units
Debt Instrument [Line Items]
Conversion of OP units (in shares) \| shares			293,838
Preferred OP units - mandatorily redeemable \| Convertible debt - Aspen Preferred OP Units January 2024
Debt Instrument [Line Items]
Annual distribution rate change (in shares) \| shares	270,000
Principal amount \| $				$ 34.0
Conversion price (in dollars per share) \| $ / shares			$ 68.00
Price of stock converted ( in dollars per share) \| $ / shares			$ 27.00
Percentage of overage closing price			25.00%
Preferred distribution rate			0.065
Aspen Series B3 Preferred Operating Partnership OP Units
Debt Instrument [Line Items]
Conversion of OP units \| $		$ 7.3
Aspen Series B3 Preferred Operating Partnership OP Units \| Aspen preferred OP units
Debt Instrument [Line Items]
Conversion of OP units \| $			$ 8.7
Aspen Series B3 Preferred Operating Partnership OP Units \| Convertible debt - Aspen Preferred OP Units January 2024
Debt Instrument [Line Items]
Distribution rate \| Rate	3.80%
Common OP units \| Preferred OP units - mandatorily redeemable \| Convertible debt - Aspen Preferred OP Units January 2024
Debt Instrument [Line Items]
Conversion price (in dollars per share) \| $ / shares			$ 0.397
Preferred Stock \| Aspen preferred OP units
Debt Instrument [Line Items]
Conversion of OP units (in shares) \| shares			1,258,819	25,000
Preferred Stock \| Aspen Series B3 Preferred Operating Partnership OP Units
Debt Instrument [Line Items]
Conversion of OP units (in shares) \| shares			322,934

Real Estate Acquisitions and Dispositions - Schedule of 2023 Acquisitions and Dispositions (Details)	Dec. 31, 2023 property	Dec. 31, 2023 site	Dec. 31, 2023 developmentSite	Dec. 31, 2022 site developmentSite
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces	227,340	92		24,347
Development Sites			72	2,655
Fox Run
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site		68
Development Sites			72
Savannah Yacht Center
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site		24
Development Sites			0

Real Estate Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Schedule of Business Acquisitions

For the year ended December 31, 2023, we acquired the following properties:

Property Name(1)

Type

Sites, Wet Slips and
Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Fox Run

MH: asset acquisition

January

Savannah Yacht Center

Marina: asset acquisition

—

March

Total

(1) Property names are subject to changes subsequent to acquisition.

For the year ended December 31, 2022, we acquired the following MH and RV communities and marinas:

Property Name(1)

Type

Sites, Wet Slips and Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Harrison Yacht Yard(2)

Marina: asset acquisition

—

January

Outer Banks

Marina: asset acquisition

196

—

January

Jarrett Bay Boatworks

Marina: business combination

—

February

Tower Marine

Marina: asset acquisition

446

—

March

Sandy Bay

MH: asset acquisition

730

456

March

Park Holidays(3)(4)

MH: business combination

15,906

608

April

Christies Parks(2)(4)

MH: asset acquisition

249

—

April

Bluewater

Marina: asset acquisition

200

—

Multiple

April

Bluewater Yacht Sales(2)

Marina: business combination

—

Multiple

April

Bodmin Holiday Park(4)

MH: asset acquisition

—

April

Kittery Point

Marina: asset acquisition

—

May

Spanish Trails MHC

MH: asset acquisition

195

June

Pine Acre Trails

MH: asset acquisition

251

603

June

Bel Air Estates & Sunrise Estates(5)

MH: asset acquisition

379

—

June

Park Leisure(4)(6)

MH: business combination

2,914

123

June

Montauk Yacht Club

Marina: business combination

232

—

July

Callaly Leisure(4)(7)

MH: asset acquisition

380

823

September

Newhaven(4)

MH: asset acquisition

224

October

Bayfront Marina

Marina: asset acquisition

583

—

November

Marina Bay Yacht Harbor

Marina: asset acquisition

800

—

December

Jellystone Lincoln

RV: asset acquisition

267

—

December

Norway Commons

MH: asset acquisition

231

December

Total

24,347

2,655

(1) Property names are subject to changes subsequent to acquisition.

(2) Combined with an existing property.

(3) Includes 40 owned and two managed properties.

(4) Included in the Park Holidays business.

(5) Includes two properties.

(6) Includes 11 properties.

(7) Includes one development property.

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following table summarizes the amount of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed during the year ended December 31, 2023 (in millions):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		Goodwill and other intangible assets		Other assets, net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(1)		Total consideration
Asset Acquisitions(2)
Fox Run(3)	$	7.2	$	—	$	—	$	—	$	7.2	$	2.8	$	4.4	$	7.2
Savannah Yacht Center(4)	100.2		0.1		0.4		4.2		104.9		4.3		100.6		104.9



Total	$	107.4	$	0.1	$	0.4	$	4.2	$	112.1	$	7.1	$	105.0	$	112.1

(1) Refer to Note 10, "Equity and Temporary Equity," for additional detail.

(2) Property names are subject to changes subsequent to acquisition.

(3) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.4 million.

(4) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.6 million.

The following table summarizes the amounts of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed in 2022 (in millions):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		In-place leases, goodwill and other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(2)		Total consideration
Asset Acquisitions(3)
Harrison Yacht Yard(4)	$	5.8	$	—	$	—	$	—	$	5.8	$	5.8	$	—	$	5.8
Outer Banks	5.2		—		—		(0.4)		4.8		4.8		—		4.8
Tower Marine	20.2		—		0.2		(2.1)		18.3		18.3		—		18.3
Sandy Bay	247.9		9.4		2.1		(68.3)		191.1		191.1		—		191.1
Christies Parks(4)(5)	10.1		—		—		2.1		12.2		12.2		—		12.2
Bluewater	25.3		1.3		0.1		1.3		28.0		28.0		—		28.0
Bodmin Holiday Park(5)	13.1		—		—		—		13.1		13.1		—		13.1
Kittery Point	8.0		0.1		—		(0.1)		8.0		7.0		1.0		8.0
Spanish Trails MHC	20.6		1.8		—		—		22.4		22.4		—		22.4
Pine Acre Trails	29.7		—		—		—		29.7		29.7		—		29.7
Bel Air Estates & Sunrise Estates	39.3		—		0.7		—		40.0		40.0		—		40.0
Callaly Leisure(5)	23.8		0.1		—		(0.3)		23.6		23.6		—		23.6
Newhaven(5)	6.2		—		—		—		6.2		6.2		—		6.2
Bayfront Marina	11.3		—		0.9		(0.5)		11.7		11.7		—		11.7
Marina Bay Yacht Harbor	16.2		—		0.2		(0.7)		15.7		15.7		—		15.7
Jellystone Lincoln(6)	17.0		—		—		1.2		18.2		18.2		—		18.2
Norway Commons	15.1		0.4		0.3		—		15.8		15.8		—		15.8
Business Combination(3)
Jarrett Bay Boatworks(7)	21.3		1.4		47.5		1.0		71.2		68.4		2.8		71.2
Park Holidays(5)(8)	1,254.7		29.5		574.5		(624.9)		1,233.8		1,199.9		33.9		1,233.8
Park Leisure(5)	259.5		—		76.4		(110.1)		225.8		225.8		—		225.8
Montauk Yacht Club	163.6		0.3		26.3		0.3		190.5		190.5		—		190.5

Total	$	2,213.9	$	44.3	$	729.2	$	(801.5)	$	2,185.9	$	2,148.2	$	37.7	$	2,185.9

(1) Refer to Note 6, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets.

(2) Refer to Note 10, "Equity and Temporary Equity," for additional detail.

(3) Property names are subject to changes subsequent to acquisition.

(4) Combined with an existing property.

(5) Included in the Park Holidays business.

(6) In December 2020, we entered into a loan agreement pursuant to which we extended credit to Blue Water to finance the construction of Jellystone Lincoln (the "RV Park"). In December 2022, we entered into a purchase and sale agreement pursuant to which we purchased the RV Park for cash consideration of $5.0 million, which was applied toward the existing Blue Water loan balance of $12.9 million, and the remaining loan balance of $7.9 million was forgiven. Upon acquisition of the RV Park, we agreed to loan Blue Water an amount equal to $3.7 million, accounted as consideration based on the loan forgiveness terms. Additional consideration for vacation rental units of $0.4 million, resulted in a total purchase price of $17.0 million. In addition, we entered into a lease agreement pursuant to which Blue Water will pay rent to us and continue to operate the park.

(7) The balance includes the marina acquired in February and the yacht sales business acquired in April of which $0.1 million was recorded in Investment property, $17.6 million in Goodwill and other intangible assets, and $0.4 million in Other assets / (liabilities), net.

(8) Includes acquired intangible assets subject to amortization of $70.2 million with a weighted average amortization period of 14.6 years, consisting of trademarks and trade names, customer relationships and other intangible assets.

Schedule of Pro Forma Information

Total revenues and Net income included in the Consolidated Statements of Operations for the year ended December 31, 2022 related to business combinations completed in 2022 are set forth in the following table (in millions):


	Year Ended
	December 31, 2022
Total revenues	$	353.6
Net income	$	13.8

The information presented below has been prepared for comparative purposes only and does not purport to be indicative of either future results of operations or the results of operations that would have actually occurred had the acquisitions been consummated on January 1, 2021 (in millions, except for per share data):


	Year Ended (unaudited)
	December 31, 2022		December 31, 2021
Total revenues	$	3,091.3	$	2,726.4
Net income attributable to SUI common shareholders	$	241.2	$	440.5
Net income per share attributable to SUI common shareholders - basic	$	1.99	$	3.89
Net income per share attributable to SUI common shareholders - diluted	$	1.99	$	3.88

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Schedule of Changes in Estimated Property Insurance Recoveries

The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):


	Year Ended December 31, 2023
Total estimated insurance receivable - December 31, 2022	$	54.9
Change in estimated property insurance recoveries	46.7
Proceeds received from insurer	(44.9)
Total estimated insurance receivable - December 31, 2023	$	56.7

Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions	Total	Series J preferred OP units	Series K preferred OP units	Series L preferred OP units	Total Equity	Total Equity Series J preferred OP units	Total Equity Series K preferred OP units	Total Equity Series L preferred OP units	Common Stock	Additional Paid-in Capital	Distributions in Excess of Accumulated Earnings	Accumulated Other Comprehensive Income / (Loss)	Noncontrolling Interests	Noncontrolling Interests Series L preferred OP units
Beginning balance at Dec. 31, 2020	$ 264.4
Temporary Equity
Issuance of third party equity interests in consolidated entities	2.7
Other redeemable noncontrolling interests	0.2
Issuance of preferred OP Units		$ 24.0	$ 0.0			$ 24.0
Net income (loss)	5.5
Distributions	(8.0)
OP Units accretion	0.1
Ending balance at Dec. 31, 2021	288.9
Beginning balance (in shares) at Dec. 31, 2020									107,600,000
Beginning balance at Dec. 31, 2020	5,627.3				$ 5,891.7				$ 1.1	$ 7,087.6	$ (1,566.6)	$ 3.2	$ 102.0
Shareholders' Equity
Issuance of common stock and common OP units, net (in shares)									8,400,000
Issuance of common stock and common OP units, net	1,079.3				1,079.3				$ 0.1	1,075.6			3.6
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)									(100,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(18.2)				(18.2)					(18.2)
Conversion of OP units (in shares)									100,000
Conversion of OP units					0.0					2.9			(2.9)
Issuance of third party equity interests in consolidated entities	0.5				3.2								0.5
Other redeemable noncontrolling interests	(0.2)				0.0						(0.2)
Share-based compensation - amortization and forfeitures	28.0				28.0					27.7	0.3
Other comprehensive income / (loss)	(0.1)				(0.1)							(0.1)
Net income (loss)	408.3				413.8						392.3		16.0
Distributions	(394.2)				(402.2)						(381.7)		(12.5)
OP Units accretion	(0.1)										(0.1)
Ending balance (in shares) at Dec. 31, 2021									116,000,000.0
Ending balance at Dec. 31, 2021	6,730.6				7,019.5				$ 1.2	8,175.6	(1,556.0)	3.1	106.7
Beginning balance at Dec. 31, 2020	5,627.3				5,891.7				1.1	7,087.6	(1,566.6)	3.2	102.0
Total Equity
Issuance of common stock and common OP units, net	1,079.3				1,079.3				0.1	1,075.6			3.6
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	18.2				18.2					18.2
Issuance of third party equity interests in consolidated entities	0.5				3.2								0.5
Issuance of third party equity interests in consolidated entities	2.7
Other redeemable noncontrolling interests	(0.2)				0.0						(0.2)
Share-based compensation - amortization and forfeitures	28.0				28.0					27.7	0.3
Issuance of preferred OP Units		24.0	0.0			$ 24.0
Other comprehensive income / (loss)	(0.1)				(0.1)							(0.1)
Net income (loss)	408.3				413.8						392.3		16.0
Distributions	(394.2)				(402.2)						(381.7)		(12.5)
OP Units accretion					0.0
Ending balance at Dec. 31, 2021	6,730.6				7,019.5				$ 1.2	8,175.6	(1,556.0)	3.1	106.7
Temporary Equity
Conversion of OP units	(92.6)
Issuance of third party equity interests in consolidated entities	10.3
Other redeemable noncontrolling interests	0.1
Issuance of preferred OP Units		0.0	0.0
Net income (loss)	2.4
Distributions	(7.0)
OP Units accretion	0.8
Ending balance at Dec. 31, 2022	202.9		0.0
Shareholders' Equity
Issuance of common stock and common OP units, net (in shares)									7,200,000
Issuance of common stock and common OP units, net	1,249.1				1,249.1					1,243.6			5.5
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)									(100,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(19.3)				(19.3)					(19.3)
Conversion of OP units (in shares)									900,000
Conversion of OP units	93.3									100.8			(7.5)
Issuance of third party equity interests in consolidated entities					10.3
Other redeemable noncontrolling interests	(0.1)				0.0						(0.1)
Acquisition of third party equity interest in consolidated entities	(9.4)				(9.4)					11.7			(21.1)
Share-based compensation - amortization and forfeitures	37.6				37.6					37.3	0.3
Other comprehensive income / (loss)	(13.9)				(13.9)							(13.0)	(0.9)
Net income (loss)	261.4				263.8						252.9		8.5
Distributions	(440.0)				(447.0)						(427.5)		(12.5)
OP Units accretion	(0.8)										(0.8)
Ending balance (in shares) at Dec. 31, 2022									124,000,000.0
Ending balance at Dec. 31, 2022	7,888.5				8,091.4				$ 1.2	9,549.7	(1,731.2)	(9.9)	78.7
Beginning balance at Dec. 31, 2021	6,730.6				7,019.5				1.2	8,175.6	(1,556.0)	3.1	106.7
Total Equity
Issuance of common stock and common OP units, net	1,249.1				1,249.1					1,243.6			5.5
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	19.3				19.3					19.3
Conversion of OP units					0.7
Issuance of third party equity interests in consolidated entities					10.3
Issuance of third party equity interests in consolidated entities	10.3
Other redeemable noncontrolling interests	(0.1)				0.0						(0.1)
Acquisition of third party equity interest in consolidated entities	(9.4)				(9.4)					11.7			(21.1)
Share-based compensation - amortization and forfeitures	37.6				37.6					37.3	0.3
Issuance of preferred OP Units		0.0	0.0
Other comprehensive income / (loss)	(13.9)				(13.9)							(13.0)	(0.9)
Net income (loss)	261.4				263.8						252.9		8.5
Distributions	(440.0)				(447.0)						(427.5)		(12.5)
OP Units accretion					0.0
Ending balance at Dec. 31, 2022	7,888.5				8,091.4				1.2	9,549.7	(1,731.2)	(9.9)	78.7
Ending balance at Mar. 31, 2023	298.8
Shareholders' Equity
Net income (loss)	(44.9)
Ending balance at Mar. 31, 2023	7,754.6				8,053.4							7.4	79.4
Beginning balance at Dec. 31, 2022	7,888.5				8,091.4				$ 1.2	9,549.7	(1,731.2)	(9.9)	78.7
Total Equity
Net income (loss)	(44.9)
Ending balance at Mar. 31, 2023	7,754.6				8,053.4							7.4	79.4
Beginning balance at Dec. 31, 2022	202.9		0.0
Ending balance at Jun. 30, 2023	294.0
Beginning balance (in shares) at Dec. 31, 2022									124,000,000.0
Beginning balance at Dec. 31, 2022	7,888.5				8,091.4				$ 1.2	9,549.7	(1,731.2)	(9.9)	78.7
Shareholders' Equity
Net income (loss)	(252.5)
Ending balance at Jun. 30, 2023	7,466.2				7,760.2							36.2	71.7
Beginning balance at Dec. 31, 2022	7,888.5				8,091.4				$ 1.2	9,549.7	(1,731.2)	(9.9)	78.7
Total Equity
Net income (loss)	(252.5)
Ending balance at Jun. 30, 2023	7,466.2				7,760.2							36.2	71.7
Beginning balance at Dec. 31, 2022	202.9		0.0
Ending balance at Sep. 30, 2023	299.8
Beginning balance (in shares) at Dec. 31, 2022									124,000,000.0
Beginning balance at Dec. 31, 2022	7,888.5				8,091.4				$ 1.2	9,549.7	(1,731.2)	(9.9)	78.7
Shareholders' Equity
Net income (loss)	(132.4)
Ending balance at Sep. 30, 2023	7,481.9				7,781.7							16.4	86.1
Beginning balance at Dec. 31, 2022	7,888.5				8,091.4				$ 1.2	9,549.7	(1,731.2)	(9.9)	78.7
Total Equity
Net income (loss)	(132.4)
Ending balance at Sep. 30, 2023	7,481.9				7,781.7							16.4	86.1
Beginning balance at Dec. 31, 2022	202.9		0.0
Temporary Equity
Conversion of OP units	(3.2)
Issuance of third party equity interests in consolidated entities	1.9				1.9
Other redeemable noncontrolling interests	0.2
Acquisition of third party equity interest in consolidated entities	(28.2)
Issuance of preferred OP Units		0.0	100.6				$ 100.6
Net income (loss)	(2.2)
Distributions	(8.6)
OP Units accretion	2.5
Ending balance at Dec. 31, 2023	260.9		96.7
Beginning balance (in shares) at Dec. 31, 2022									124,000,000.0
Beginning balance at Dec. 31, 2022	7,888.5				8,091.4				$ 1.2	9,549.7	(1,731.2)	(9.9)	78.7
Shareholders' Equity
Issuance of common stock and common OP units, net (in shares)									400,000
Issuance of common stock and common OP units, net	28.3				28.3					(0.6)			28.9
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards (in shares)									(100,000)
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(12.8)				(12.8)					(12.8)
Conversion of OP units (in shares)									100,000
Conversion of OP units	12.8				9.6					13.3			(0.5)
Other redeemable noncontrolling interests	(0.2)				0.0						(0.2)
Acquisition of third party equity interest in consolidated entities	(125.3)				(153.5)					(125.3)			0.0
Share-based compensation - amortization and forfeitures	42.9				42.9					42.6	0.3
Issuance of Series L preferred OP units				$ 2.0				$ 2.0						$ 2.0
Other comprehensive income / (loss)	21.9				21.9							22.1	(0.2)
Net income (loss)	(206.9)				(209.1)						(201.0)		(5.9)
Distributions	(475.7)				(484.3)						(462.9)		(12.8)
OP Units accretion	$ (2.5)										(2.5)
Ending balance (in shares) at Dec. 31, 2023	3,383,243								124,400,000
Ending balance at Dec. 31, 2023	$ 7,173.0				7,433.9				$ 1.2	9,466.9	(2,397.5)	12.2	90.2
Beginning balance at Dec. 31, 2022	7,888.5				8,091.4				1.2	9,549.7	(1,731.2)	(9.9)	78.7
Total Equity
Issuance of common stock and common OP units, net	28.3				28.3					(0.6)			28.9
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	12.8				12.8					12.8
Issuance of third party equity interests in consolidated entities	1.9				1.9
Other redeemable noncontrolling interests	(0.2)				0.0						(0.2)
Acquisition of third party equity interest in consolidated entities	(125.3)				(153.5)					(125.3)			0.0
Sale of consolidated affiliates	(5.0)				(5.0)
Share-based compensation - amortization and forfeitures	42.9				42.9					42.6	0.3
Issuance of preferred OP Units		$ 0.0	100.6				$ 100.6
Issuance of Series L preferred OP units				2.0				$ 2.0						$ 2.0
Other comprehensive income / (loss)	21.9				21.9							22.1	(0.2)
Net income (loss)	(206.9)				(209.1)						(201.0)		(5.9)
Distributions	(475.7)				(484.3)						(462.9)		(12.8)
OP Units accretion					0.0
Ending balance at Dec. 31, 2023	7,173.0				7,433.9				$ 1.2	9,466.9	(2,397.5)	12.2	90.2
Beginning balance at Mar. 31, 2023	298.8
Ending balance at Jun. 30, 2023	294.0
Beginning balance at Mar. 31, 2023	7,754.6				8,053.4							7.4	79.4
Shareholders' Equity
Net income (loss)	(207.6)
Ending balance at Jun. 30, 2023	7,466.2				7,760.2							36.2	71.7
Beginning balance at Mar. 31, 2023	7,754.6				8,053.4							7.4	79.4
Total Equity
Net income (loss)	(207.6)
Ending balance at Jun. 30, 2023	7,466.2				7,760.2							36.2	71.7
Ending balance at Sep. 30, 2023	299.8
Shareholders' Equity
Net income (loss)	120.1
Ending balance at Sep. 30, 2023	7,481.9				7,781.7							16.4	86.1
Beginning balance at Jun. 30, 2023	7,466.2				7,760.2							36.2	71.7
Total Equity
Net income (loss)	120.1
Ending balance at Sep. 30, 2023	7,481.9				7,781.7							16.4	86.1
Ending balance at Dec. 31, 2023	$ 260.9		$ 96.7
Shareholders' Equity
Issuance of Series L preferred OP units				2.0
Ending balance (in shares) at Dec. 31, 2023	3,383,243								124,400,000
Ending balance at Dec. 31, 2023	$ 7,173.0				7,433.9				$ 1.2	9,466.9	(2,397.5)	12.2	90.2
Beginning balance at Sep. 30, 2023	7,481.9				7,781.7							16.4	86.1
Total Equity
Issuance of Series L preferred OP units				$ 2.0
Ending balance at Dec. 31, 2023	$ 7,173.0				$ 7,433.9				$ 1.2	$ 9,466.9	$ (2,397.5)	$ 12.2	$ 90.2

Earnings / (Loss) Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of Basic and Diluted Earnings per Share

Computations of basic and diluted EPS were as follows (in millions, except per share data):


	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Numerator
Net income / (loss) attributable to SUI common shareholders	$	(213.3)	$	242.0	$	380.2
Less: allocation to restricted stock awards	(1.8)		1.4		2.4
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards	$	(211.5)	$	240.6	$	377.8
Add: allocation to common and preferred OP units dilutive effect	—		4.7		8.6
Add: allocation to restricted stock awards	(1.8)		—		—
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1)(2)	$	(213.3)	$	245.3	$	386.4


Denominator
Weighted average common shares outstanding	$	123.4	$	120.2	$	112.6
Add: common shares dilutive effect from Forward Equity Offering	—		0.2		—

Add: dilutive restricted stock	0.4		—		—
Add: common and preferred OP units dilutive effect	—		2.5		2.5
Diluted weighted average common shares and securities(1)(2)	$	123.8	$	122.9	$	115.1

EPS Available to Common Shareholders After Allocation
Basic earnings / (loss) per share	$	(1.71)	$	2.00	$	3.36
Diluted earnings / (loss) per share(1)(2)	$	(1.72)	$	2.00	$	3.36

(1) For the year ended December 31, 2023, diluted earnings per share was calculated using the treasury stock method for restricted stock awards as the application of this method resulted in a more diluted earnings per share during those periods.

(2) For the years ended December 31, 2022 and 2021, diluted earnings per share was calculated using the two-class method for restricted stock awards as the application of this method resulted in a more diluted earnings per share during those periods.

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table presents the outstanding securities that were excluded from the computation of diluted EPS as of December 31, 2023, 2022 and 2021 (amounts in thousands):


	Year Ended
	December 31, 2023	December 31, 2022	December 31, 2021
Common OP units	2,735	—	—
A-1 preferred OP units	202	208	275
A-3 preferred OP units	40	40	40
Aspen preferred OP units(1)	N/A	1,259	1,284
Series C preferred OP units	306	306	306
Series D preferred OP units	489	489	489
Series E preferred OP units	80	80	90
Series F preferred OP units	90	90	90
Series G preferred OP units	211	241	241
Series H preferred OP units	581	581	581
Series I preferred OP units(2)	N/A	N/A	922
Series J preferred OP units	238	240	240
Series K preferred OP units	1,000	N/A	N/A
Series L preferred OP units	20	N/A	N/A

Total Securities	5,992	3,534	4,558

N/A = Not applicable.

(1) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023.

(2) All of our outstanding Series I preferred OP units converted during the year ended December 31, 2022.

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

17. Commitments and Contingencies

Legal Proceedings - Class Action Litigation

Since August 31, 2023, several putative class action complaints have been filed in the U.S. District Court for the Northern District of Illinois, Eastern Division, against Datacomp Appraisal Systems, Inc., us, and nine other large MH operators in the United States. The complaint alleges that the defendants have violated federal antitrust laws by sharing and receiving competitively sensitive non-public information to maintain artificially high site rents. The complaints have been consolidated into the case captioned In re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-06715.

Plaintiffs seek both injunctive relief and monetary damages, as well as attorneys' fees. We are unable to estimate a range of loss, if any, that could result were there to be an adverse final decision in this litigation. If an unfavorable result were to occur, it is possible that the impact could be material to our results of operations in the periods in which any such outcome becomes probable and estimable.

We believe that the plaintiffs' allegations are without merit and intend to defend against them vigorously. However, litigation is inherently uncertain and there can be no assurance regarding the likelihood that our defense of this litigation will be successful.

Other Legal Proceedings

We are involved in various other legal proceedings arising in the ordinary course of business. All such other proceedings, taken together, are not expected to have a material adverse impact on our results of operations or financial condition.

Catastrophic Event-Related Charges

When Hurricane Ian made landfall on Florida's western coast in September 2022, the storm primarily affected three RV properties in the Fort Myers area, comprising approximately 2,500 sites. These properties sustained significant flooding and wind damage from the hurricane. At other affected MH and RV properties, most of the damage was limited to trees, roofs, fences, skirting and carports. At affected marina properties, seawalls, docks, buildings, and landscaping sustained wind and water damage.

We maintain property, casualty, flood and business interruption insurance for our community portfolio, subject to customary deductibles and limits.

Estimated property insurance recoveries, excluding business interruption recoveries, of $56.7 million related to Hurricane Ian were recorded in Notes and other receivables, net on the Consolidated Balance Sheets as of December 31, 2023. The table below sets forth changes in estimated property insurance recoveries, excluding business interruption recoveries (in millions):


	Year Ended December 31, 2023
Total estimated insurance receivable - December 31, 2022	$	54.9
Change in estimated property insurance recoveries	46.7
Proceeds received from insurer	(44.9)
Total estimated insurance receivable - December 31, 2023	$	56.7

Changes in estimated property insurance recoveries related to Hurricane Ian during the year ended December 31, 2023 were primarily the result of $51.5 million of incremental costs that exceeded the applicable deductible, net of a $4.8 million reduction due to a decrease in the estimated property impairment. The foregoing estimates are based on current information available, and we continue to assess these estimates. Actual charges and insurance recoveries could vary significantly from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

We are actively working with our insurance providers on claims for business interruption recoveries. During the year ended December 31, 2023, we recognized $20.2 million, net of deductibles, for the lost earnings covering September 28, 2022, the date of the hurricane event, through August 31, 2023. These recoveries were included in Brokerage commissions and other, net on our Consolidated Statements of Operations during the year ended December 31, 2023. The related communities are under redevelopment. As such, we currently cannot estimate a date when operating results will be restored to pre-hurricane levels. Our business interruption insurance policy provides for up to 60 months of coverage from the date of restoration.

In December 2023, one of our RV properties with approximately 300 sites sustained property damage due to heavy rainfall and flooding in the North Conway, New Hampshire area. Based on a preliminary review performed by an insurance adjuster, we recognized asset impairment charges of $7.0 million during the three months ended December 31, 2023, primarily related to site improvements, vacation rental cabins, and equipment. The impairment charges were recorded within Catastrophic event-related charges, net in our Consolidated Statements of Operations. The foregoing estimates are based on current information available after the preliminary review of the damages incurred. Actual charges and insurance recoveries could differ from these estimates. Any changes to these estimates will be recognized in the period(s) in which they are determined.

Consolidated Statements of Cash Flows - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Activities
Net Income / (Loss)	$ (209.1)	$ 263.8	$ 413.8
Adjustments to reconcile net income to net cash provided by operating activities:
Gain on disposition of assets	(9.1)	(27.3)	(49.3)
Gain on disposition of properties	(11.0)	(12.2)	(108.1)
(Gain) / loss on foreign currency exchanges	0.3	(5.4)	3.7
(Gain) / loss on remeasurement of marketable securities (see Note 16)	16.0	53.4	(33.5)
Contingent gain	0.0	(3.4)	0.0
Loss on remeasurement of contingent liabilities	0.0	0.0	11.0
Asset impairments	10.1	3.0	0.0
Catastrophic event-related impairment	(0.7)	11.2	0.0
Goodwill impairment	369.9	0.0	0.0
Share-based compensation	42.9	37.6	28.0
Depreciation and amortization	642.0	576.1	511.7
Deferred tax (benefit) / expense (see Note 13)	(22.9)	(4.2)	0.1
Other amortization and accretion	(0.8)	0.0	(2.9)
Loss on extinguishment of debt (see Note 9)	0.0	4.4	8.1
(Gain) / loss on remeasurement of notes receivable (see Note 4)	106.7	0.8	(0.7)
Loss on remeasurement of investment in nonconsolidated affiliates (see Note 7)	4.2	2.7	0.2
Income from nonconsolidated affiliates (see Note 7)	(16.0)	(2.9)	(4.0)
Distributions of income from nonconsolidated affiliates	3.2	5.9	6.2
Cash flow hedge gains reclassified to earnings	(4.4)	(2.6)	0.0
Proceeds from derivative settlements, net	13.4	35.3	0.0
Early lease termination	0.2	4.9	0.0
Change in notes receivable from financed sales of inventory homes, net of repayments	(7.9)	5.2	(1.2)
Change in inventory, other assets and other receivables, net	(110.3)	(274.0)	(76.0)
Change in other liabilities	(26.2)	62.6	46.5
Net Cash Provided By Operating Activities	790.5	734.9	753.6
Investing Activities
Investment in properties	(1,003.0)	(921.0)	(672.6)
Acquisitions, net of cash acquired	(53.3)	(2,213.5)	(1,648.7)
Proceeds from deposit on acquisition	1.6	2.7	0.0
Proceeds from insurance	10.8	0.0	0.0
Proceeds from disposition of assets and depreciated homes, net	62.3	100.0	113.8
Proceeds related to disposition of properties	9.9	43.5	162.1
Issuance of notes and other receivables	(38.4)	(53.0)	(242.6)
Repayments of notes and other receivables	9.1	12.5	5.3
Investments in marketable securities	0.0	0.0	(35.5)
Proceeds from sale of marketable securities	103.6	0.0	0.0
Investments in nonconsolidated affiliates	(39.5)	(51.1)	(36.9)
Distributions of capital from nonconsolidated affiliates	17.4	17.3	16.9
Net Cash Used For Investing Activities	(919.5)	(3,062.6)	(2,338.2)
Financing Activities
Issuance and costs of common stock, OP units and preferred OP units, net	(0.6)	1,209.6	1,075.7
Common stock withheld to satisfy income tax obligations related to vesting of restricted stock awards	(12.8)	(19.3)	(18.2)
Borrowings on lines of credit	1,635.0	3,704.7	3,762.1
Payments on lines of credit	(1,775.6)	(2,504.0)	(3,960.9)
Proceeds from secured borrowing	53.4	0.0	0.0
Proceeds from issuance of other debt	835.7	827.9	1,202.5
Contributions from noncontrolling interest	1.9	10.3	2.5
Payments on other debt	(174.3)	(400.8)	(76.8)
Payments on financial liability	0.0	(6.0)	0.0
Fees paid in connection with extinguishment of debt	0.0	(4.8)	(0.2)
Distributions	(476.4)	(434.2)	(390.8)
Payments for deferred financing costs, net of prepaid return	(6.0)	(27.2)	(15.7)
Payment of contingent liability	0.0	0.0	(9.8)
Distributions for redemption of noncontrolling interests	0.0	(7.6)	0.0
Net Cash Provided By Financing Activities	80.3	2,348.6	1,570.4
Effect of exchange rate changes on cash, cash equivalents and restricted cash	1.0	(8.7)	(0.2)
Net change in cash, cash equivalents and restricted cash	(47.7)	12.2	(14.4)
Cash, cash equivalents and restricted cash, beginning of period	90.4	78.2	92.6
Cash, Cash Equivalents and Restricted Cash, End of Period	42.7	90.4	78.2
Supplemental Information
Cash paid for interest (net of capitalized interest of $12.9, $7.0 and $4.5, respectively)	326.7	218.3	147.0
Cash paid for interest on mandatorily redeemable debt	3.3	4.2	4.2
Cash paid for income taxes	20.5	5.8	1.3
Noncash investing and financing activities
Change in distributions declared and outstanding	7.9	12.8	11.2
Conversion of common and preferred OP units	13.3	100.8	2.9
ROU asset obtained from new operating lease liabilities	5.2	19.2	0.0
Release of note receivable and accrued interest in relation to acquisition of real estate collateral	263.8	0.0	0.0
Issuance of notes and other receivables in relation to disposition of properties	111.2	0.0	0.0
Properties transferred in exchange for noncontrolling interests	159.2	0.0	0.0
Equity interest and note receivable transferred in exchange for noncontrolling interests	27.5	0.0	0.0
Settlement of preferred equity interests in connection with exchange for noncontrolling interests	39.1	0.0	0.0
Noncash investing and financing activities at the date of acquisition
Acquisitions - Common stock and OP units issued	4.4	37.7	3.6
Acquisitions - Holdback	0.0	0.0	9.4
Acquisitions - Deferred liability	0.0	0.0	4.3
Acquisitions - Finance lease liabilities	0.0	13.3	0.0
Acquisitions - Financial liabilities	0.0	359.8	0.0
Acquisitions - Deferred tax liabilities	0.0	313.8	0.0
Common OP units \| Rudgate
Noncash investing and financing activities
Common OP units issued for acquisition of noncontrolling interests	2.0	0.0	0.0
Noncash investing and financing activities at the date of acquisition
Issuance of preferred OP Units	2.0	0.0	0.0
Series J preferred OP units
Noncash investing and financing activities
Common OP units issued for acquisition of noncontrolling interests	0.0	0.0	24.0
Noncash investing and financing activities at the date of acquisition
Issuance of preferred OP Units	0.0	0.0	24.0
Series K preferred OP units
Noncash investing and financing activities
Common OP units issued for acquisition of noncontrolling interests	100.6	0.0	0.0
Noncash investing and financing activities at the date of acquisition
Issuance of preferred OP Units	$ 100.6	$ 0.0	$ 0.0

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	May 16, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Common stock, par value (in USD per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	360,000,000.0	360,000,000	360,000,000.0
Common stock, shares issued (in shares)	124,436,432		124,000,000.0
Common stock, shares outstanding (in shares)	124,436,432		124,000,000.0

Debt and Line of Credit - Narrative (Details) $ in Millions	1 Months Ended		12 Months Ended
Debt and Line of Credit - Narrative (Details) $ in Millions	Oct. 31, 2019 USD ($)	Jun. 30, 2018 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2023 property	Dec. 31, 2023 site	Dec. 31, 2023 Rate	Dec. 31, 2022 USD ($) site Rate	Apr. 07, 2022 USD ($) option
Line of Credit Facility [Line Items]
Mortgage loans payable (see Note 9; Note 8 at VIEs)			$ 3,534.7				$ 3,217.8
Sites				227,340	92		24,347
Revolving borrowings			7,816.4
Preferred rate of return		6.00%
Revolving Credit Facility
Line of Credit Facility [Line Items]
Aggregate amount of credit facility								$ 4,200.0
Line of credit facility, additional borrowing capacity								$ 800.0
Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit and other			2,065.1				$ 2,130.6
Revolving borrowings			1,100.0				1,100.0
Unsecured Term Loan Facility
Line of Credit Facility [Line Items]
Revolving borrowings			7.8
Collateralized Mortgage Backed Securities
Line of Credit Facility [Line Items]
Net book value			2,700.0
Revolving Loan \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Number of options to extend maturity date \| option								2
Extended maturity date period								6 months
Revolving loan amount								$ 3,050.0
Revolving Loan \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit and other			$ 944.1
Term Loan \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Basis points			0.95%
Revolving loan amount								$ 1,150.0
Term Loan \| Revolving Credit Facility
Line of Credit Facility [Line Items]
Line of credit and other	$ 58.0						1,100.0
Debt term	4 years
Term Loan \| Revolving Credit Facility \| Eurodollar
Line of Credit Facility [Line Items]
Basis points			0.85%
Term Loan \| Revolving Credit Facility \| Minimum
Line of Credit Facility [Line Items]
Basis points			0.725%
Term Loan \| Revolving Credit Facility \| Maximum
Line of Credit Facility [Line Items]
Basis points			1.60%
Term Loan \| Unsecured Term Loan Facility
Line of Credit Facility [Line Items]
Revolving borrowings							19.8
Line of credit and other debt
Line of Credit Facility [Line Items]
Revolving borrowings			$ 2,066.7
Outstanding letters of credit			$ 26.2				$ 2.6
Line of credit and other debt \| Revolving Credit Facility \| Eurodollar
Line of Credit Facility [Line Items]
Credit rating \| Rate						0.95%
Line of credit and other debt \| Term Loan \| Minimum \| Eurodollar
Line of Credit Facility [Line Items]
Basis points			0.80%
Fixed Interest Rate \| Rate							1.20%
Line of credit and other debt \| Term Loan \| Maximum \| Eurodollar
Line of Credit Facility [Line Items]
Basis points			1.60%
Fixed Interest Rate \| Rate						2.05%
Preferred Equity, Mandatorily Redeemable
Line of Credit Facility [Line Items]
Mandatorily redeemable preferred equity		$ 35.3
Preferred equity term		7 years
Preferred OP units - mandatorily redeemable			$ 0.0				$ 35.2
Properties Securing Debt \| Collateralized Mortgage Backed Securities
Line of Credit Facility [Line Items]
Number of properties securing a debt instrument \| property				156
Sites \| site					62,805

Derivative Financial Instruments - Derivative Contract Activity (Details) £ in Millions, $ in Millions	Dec. 31, 2023 USD ($) contract	Sep. 30, 2023 USD ($) contract	Mar. 31, 2023 USD ($) contract	Mar. 31, 2023 GBP (£) contract	Dec. 31, 2022 USD ($) contract	Sep. 30, 2022 USD ($) contract	Sep. 30, 2022 GBP (£) contract	Jun. 30, 2022 USD ($) contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts	12				5
Notional Amount \| $	$ 582.3				$ 733.6
Forward Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts	7		1	1	1
Notional Amount \| $	$ 255.0		$ 50.0		$ 50.0
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts	1	2				2	2
Notional Amount	$ 25.0	$ 125.0		£ 100.0		$ 483.6	£ 400.0
Interest Rate Swap \| GBP
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts			1	1
Notional Amount \| $			$ 127.3
Interest Rate Swap \| USD
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts			1	1
Notional Amount \| $			$ 50.0
Treasury Rate Lock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts			2	2		2	2	4
Notional Amount \| $			$ 100.0			$ 200.0		$ 150.0

Related Party Transactions	12 Months Ended
Related Party Transactions	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	19. Related Party Transactions Lease of Executive Offices - Gary A. Shiffman, together with certain of his family members, indirectly owns an equity interest of approximately 28.1% in American Center LLC, the entity from which we lease office space for our principal executive offices. Each of Brian M. Hermelin, Ronald A. Klein and Arthur A. Weiss indirectly owns less than one percent interest in American Center LLC. Mr. Shiffman is our Chairman of the Board, President and Chief Executive Officer. Each of Mr. Hermelin, Mr. Klein and Mr. Weiss is a director of the Company. Under this agreement, we lease approximately 60,261 rentable square feet of permanent space. The lease agreement includes annual graduated rent increases through the initial end date of October 31, 2026. As of December 31, 2023, the average gross base rent was $20.95 per square foot. Each of Mr. Shiffman, Mr. Hermelin, Mr. Klein and Mr. Weiss may have a conflict of interest with respect to his obligations as our officer and / or director and his ownership interest in American Center LLC. Use of Airplane - Gary A. Shiffman is the beneficial owner of an airplane that we use from time to time for business purposes. During the years ended December 31, 2023, 2022 and 2021, we paid $0.5 million, $0.7 million and $0.7 million for the use of the airplane, respectively. Mr. Shiffman may have a conflict of interest with respect to his obligations as our officer and director and his ownership interest in the airplane. Telephone Services - Brian M. Hermelin is a principal and a beneficial owner of an entity that installs and maintains emergency telephone systems at our properties. During the years ended December 31, 2023, 2022 and 2021, we paid $0.3 million, $0.2 million and $0.2 million for these services, respectively. Mr. Hermelin may have a conflict of interest with respect to his obligations as our director and his position with and ownership interest in the provider of these services. Legal Counsel - Arthur A. Weiss is a partner at Taft Stettinius & Hollister LLP (formerly Jaffe, Raitt, Heuer, & Weiss, Professional Corporation) which acts as our general counsel and represents us in various matters. We incurred legal fees and expenses owed to this law firm of approximately $7.9 million, $9.7 million and $10.3 million during the years ended December 31, 2023, 2022 and 2021, respectively. Tax Consequences Upon Sale of Properties - Gary A. Shiffman holds limited partnership interests in the Operating Partnership which were received in connection with the contribution of properties from partnerships previously affiliated with him. Prior to any redemption of these limited partnership interests for our common stock, Mr. Shiffman will have tax consequences different from those on us and our public shareholders upon the sale of any of these partnerships. Therefore, we and Mr. Shiffman may have different objectives regarding the appropriate pricing and timing of any sale of those properties.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Supplemental Cash Flow Elements [Abstract]
Capitalized interest	$ 12.9	$ 7.0	$ 4.5

Notes and Other Receivables - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($) developmentSite	Dec. 31, 2022 USD ($) developmentSite realEstateAsset
Accounts, Notes, Loans and Financing Receivable [Line Items]
Undrawn funds	$ 39.5
Secured Installment Notes Receivable on Manufactured Homes
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	19.6	$ 65.9
Gross notes receivable	$ 20.4	$ 67.3
Weighted average interest rate	6.90%	7.60%
Maturity	17 years 2 months 12 days	13 years 9 months 18 days
Secured Installment Notes Receivable on Manufactured Homes \| Fair Value, Recurring
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value adjustment	$ (0.8)	$ (1.4)
Notes due from Royale Holdings \| Royale Holdings Group Hold Co Limited
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment		$ 217.6
Weighted average interest rate		15.30%
Maturity		1 month 6 days
Notes due from Royale Holdings \| UNITED KINGDOM
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	10.8
Gross notes receivable	114.3
Accrued interest	10.4
Fair value adjustment	$ (103.5)
Notes due from Royale Holdings \| UNITED KINGDOM \| Royale Holdings Group Hold Co Limited
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of real estate assets securing note \| realEstateAsset		3
Number of MH manufacturers securing note \| developmentSite	3	3
Real estate reacquired, note receivable settlement, value	$ 263.8
Notes receivable from real estate developers and operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	134.5	$ 305.2
Notes due from other real estate developers
Accounts, Notes, Loans and Financing Receivable [Line Items]
Notes receivable net of fair value adjustment	123.7	87.6
Fair value adjustment	$ 0.0	$ 0.0
Weighted average interest rate	9.20%	7.80%
Maturity	2 years 7 months 6 days	2 years 3 months 18 days

SCHEDULE III - Accumulated Depreciation Reconciliation (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Beginning balance	$ 2,738.9	$ 2,337.2	$ 1,968.8
Depreciation for the period	590.0	528.6	457.3
Asset impairments	11.9	(58.7)	0.0
Dispositions and other	(67.9)	(68.2)	(88.9)
Ending balance	3,272.9	$ 2,738.9	$ 2,337.2
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]		Asset impairments
Safe Harbor Marinas \| Carroll Island
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Ending balance	$ 1.5
RV and Marina Properties \| Hurricane Ian
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]
Property impairment charges		$ 28.6

Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Other Intangible Assets

6. Goodwill and Other Intangible Assets

Our intangible assets include goodwill, in-place leases, non-competition agreements, trademarks and trade names, customer relationships, franchise agreements and other intangible assets. These intangible assets are recorded in Goodwill and Other intangible assets, net on the Consolidated Balance Sheets.

Goodwill

The measurement periods for the valuation of assets acquired and liabilities assumed in a business combination end as soon as information on the facts and circumstances that existed as of the acquisition dates becomes available on the earlier of (i) the dates of acquisition, or (ii) 12 months after the acquisition dates. Adjustments in purchase price allocations may require a change in the amounts allocated to goodwill during the periods in which the adjustments are determined. These purchase accounting adjustments are presented under Other in the table below. Changes in the carrying amount of goodwill during the years ended December 31, 2023 and 2022, respectively, by reportable segment were as follows (in millions):


	Goodwill by Segment
	MH		RV		Marina		Total
Balance as of January 1, 2022	$	—	$	—	$	495.4	$	495.4
Acquisitions(1)	465.0		9.5		41.5		516.0
Currency Translation Adjustment	(36.7)		—		—		(36.7)
Other(2)	39.1		—		4.6		43.7
Balance as of December 31, 2022	$	467.4	$	9.5	$	541.5	$	1,018.4

Impairments(3)	(369.9)		—		—		(369.9)
Currency Translation Adjustment	23.8		—		—		23.8
Other(4)	60.7		—		—		60.7
Balance as of December 31, 2023	$	182.0	$	9.5	$	541.5	$	733.0

(1) During the year ended December 31, 2022, we recorded goodwill of $465.0 million in the MH segment related to the acquisition of Park Holidays, primarily attributed to the acquired platform and assembled workforce value associated with the scale of Park Holidays' existing operations in the UK. Additionally, we recorded goodwill of $41.5 million in the Marina segment related to the acquisitions of Jarrett Bay Boatworks and Montauk Yacht Club, primarily attributed to enterprise value and the assembled workforce value associated with existing operations, and $9.5 million in the RV segment related to the acquisition of Leisure Systems, Inc, primarily attributed to its licensing arrangements, ability to obtain new franchise relationships and assembled workforce. The total recognized goodwill of $516.0 million is expected to be deductible for income tax purposes.

(2) During the year ended December 31, 2022, adjustments in purchase price allocations resulted in the recognition of additional goodwill of $39.1 million in the MH segment, related to the acquisition of Park Holidays.

(3) During the year ended December 31, 2023, we performed qualitative and quantitative assessments of our goodwill balance for potential impairment in accordance with ASC 350-20, "Goodwill and Other." As a result of our impairment testing, we determined that the fair value of the UK reporting unit within the MH segment was below its carrying value. Accordingly, during the year ended December 31, 2023, we recorded aggregate non-cash impairment charges of $369.9 million within Goodwill impairment on the Consolidated Statements of Operations. The decline in fair value of the UK reporting unit was primarily driven by a higher weighted average cost of capital due to changes in the macroeconomic environment, as well as inflationary pressures in the UK causing a decline in financial projections.

(4) During the year ended December 31, 2023, adjustments in purchase price allocations resulted in the recognition of additional goodwill of $60.7 million in the MH segment, related to the Park Leisure business combination.

Other Intangible Assets, net

The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions):


		December 31, 2023				December 31, 2022
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	2 months - 13 years	$	166.0	$	(146.2)	$	165.7	$	(135.4)
Non-competition agreements	5 years	10.5		(6.2)		10.5		(4.1)
Trademarks and trade names	3 - 15 years	85.3		(12.3)		81.2		(5.5)
Customer relationships	4 - 17 years	131.6		(37.3)		131.5		(24.7)
Franchise agreements and other intangible assets	1 - 27 years	48.4		(14.3)		48.3		(8.9)
Total finite-lived assets		441.8		(216.3)		437.2		(178.6)
Indefinite-lived assets - Trademarks and trade names	N/A	141.0		—		140.9		—
Indefinite-lived assets - Other	N/A	3.0		—		2.5		—
Total indefinite-lived assets		144.0		—		143.4		—
Total		$	585.8	$	(216.3)	$	580.6	$	(178.6)

Amortization expenses related to our Other intangible assets were as follows (in millions):


	Year Ended
Other Intangible Asset Amortization Expense	December 31, 2023		December 31, 2022		December 31, 2021
In-place leases	$	11.1	$	15.3	$	28.5
Non-competition agreements	2.1		2.1		2.0
Trademarks and trade names	6.5		4.5		0.9
Customer relationships	12.7		12.3		9.9
Franchise fees and other intangible assets	4.7		2.7		2.2
Total	$	37.1	$	36.9	$	43.5

We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions):


Other Intangible Asset Future Amortization Expense	2024		2025		2026		2027		2028
In-place leases	$	7.0	$	6.2	$	3.5	$	2.0	$	0.8
Non-competition agreements	2.1		2.1		0.1		—		—
Trademarks and trade names	5.4		5.4		5.4		5.4		5.4
Customer relationships	12.7		12.7		12.3		12.2		12.1
Franchise agreements and other intangible assets	3.1		3.0		2.7		2.5		2.5
Total	$	30.3	$	29.4	$	24.0	$	22.1	$	20.8

Share-Based Compensation - Schedule of Granted Shares (Details) - Restricted Stock - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)	381,858	372,610	290,607
Grant Date Fair Value Per Share (in dollars per share)	$ 132.73	$ 166.27	$ 131.84
Time Based \| Key Employees \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)	220,858	203,210
Grant Date Fair Value Per Share (in dollars per share)	$ 137.14	$ 179.23
Time Based \| Executive Officers \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)	62,800	66,000
Grant Date Fair Value Per Share (in dollars per share)	$ 144.88	$ 178.20
Time Based \| Directors \| 2004 Non-Employee Director Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)	16,000	11,900
Grant Date Fair Value Per Share (in dollars per share)	$ 148.12	$ 197.00
Market Condition \| Executive Officers \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Granted (in shares)	82,200	91,500
Grant Date Fair Value Per Share (in dollars per share)	$ 108.60	$ 124.88

Recent Accounting Pronouncements	12 Months Ended
Recent Accounting Pronouncements	Dec. 31, 2023
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	20. Recent Accounting Pronouncements Recent Accounting Pronouncements - Adopted In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting," which provides optional guidance for accounting for contracts, hedging relationships and other transactions affected by the reference rate reform, if certain criteria are met. The provisions of this standard were available for election through December 31, 2022. In December 2022, the FASB issued ASU 2022-06, "Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848," which defers the sunset date for Topic 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in Topic 848. As of December 31, 2023, all of our debt and derivative instruments have been converted from LIBOR to alternative reference rates. The adoption of this ASU did not have a material impact on our Consolidated Financial Statements as the majority of our debt has fixed interest rates. Recent Accounting Pronouncements - Not Yet Adopted In October 2023, the FASB issued ASU 2023-06, "Disclosure Improvements: Codification Amendments in Response to the SEC's Disclosure Update and Simplification Initiative," which adds interim and annual disclosure requirements to the US GAAP codification at the request of the SEC. The new guidance is intended to align GAAP requirements with those of the SEC and to facilitate the application of GAAP for all entities. These disclosure requirements are currently included in either SEC Regulation S-X or SEC Regulation S-K. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure from Regulation S-X or Regulation S-K becomes effective. Early adoption is prohibited and the amendments should be applied prospectively. If the SEC has not removed the applicable requirement from Regulation S-X or Regulation S-K by June 30, 2027, the amendments will be removed from the US GAAP codification and will not be effective. In November 2023, the FASB issued ASU 2023-07, "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures," which enhances disclosure of significant segment expenses that are regularly provided to the chief operating decision maker to assess segment performance, including each reported measure of segment profit or loss, an amount and description of the composition for other segment items to reconcile to segment profit or loss, interim disclosures of a reportable segment's profit or loss and assets, and the title and position of our chief operating decision maker. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied prospectively. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which requires disclosure of specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, this amendment requires certain disclosure of income taxes paid disaggregated by federal, state and foreign taxes, and the amount of income taxes paid disaggregated by individual jurisdiction in which income taxes paid meet a quantitative threshold. The new guidance is intended to enhance the transparency and decision usefulness of income tax disclosures. This ASU is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted and the amendments should be applied prospectively. We are currently evaluating the provisions of this amendment and the impact on our Consolidated Financial Statements and related disclosures.

- Definition

The entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.

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+ Details

Consolidated Variable Interest Entities - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 31, 2023 USD ($) property developmentSite	Dec. 31, 2023 USD ($) property shares	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Variable Interest Entity [Line Items]
Gain on dispositions of properties					$ 11.0	$ 12.2	$ 108.1
Difference in purchase price and noncontrolling interest					$ 125.3	$ 9.4
Number of consolidated VIEs \| property	5	5			5
Percentage of consolidated assets	0.80%	0.80%			0.80%	4.50%
Percentage of consolidated liabilities	0.30%	0.30%			0.30%	0.90%
Percentage of consolidated equity	1.00%	1.00%			1.00%	1.00%
Fourteen Subsidiaries Following Sun NG Transaction in Q4 2023
Variable Interest Entity [Line Items]
Ownership interest	100.00%	100.00%			100.00%
Sun NG Resorts Transaction
Variable Interest Entity [Line Items]
Number of properties acquired \| property		14
Number of properties acquired with majority interest \| property	5
Sun NG Resorts Transaction and Sun NG Beaver Brook LLC
Variable Interest Entity [Line Items]
Purchase price		$ 149.5
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Sun NG Resorts
Variable Interest Entity [Line Items]
Cash consideration	$ 8.2	$ 8.2			$ 8.2
Number of consolidated joint venture properties disposed \| property	3	3			3
Value of house sites sold	$ 166.1	$ 166.1			$ 166.1
Gain on dispositions of properties		13.2
Unsecured debt	$ 35.2	35.2			35.2
Number of properties sold \| developmentSite	3
Disposal Group, Not Discontinued Operations \| Sun NG Resorts
Variable Interest Entity [Line Items]
Temporary equity		$ 3.9
Series L preferred OP units
Variable Interest Entity [Line Items]
Common OP units issue (in shares) \| shares		20,000
Issuance of Series L preferred OP units		$ 2.0			2.0
Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference in purchase price and noncontrolling interest					125.3	$ (11.7)
Additional Paid-in Capital \| Sun NG Resorts Transaction and Sun NG Beaver Brook LLC
Variable Interest Entity [Line Items]
Difference in purchase price and noncontrolling interest		125.3
RezPlot
Variable Interest Entity [Line Items]
Settlement of notes receivable balance		12.2
Gain from sale of investment		$ 15.3			$ 15.3
Ownership interest	0.00%	0.00%			0.00%	48.90%
Rudgate
Variable Interest Entity [Line Items]
Ownership interest				100.00%
Rudgate \| Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference in purchase price and noncontrolling interest				$ 13.2
SHM South Fork JV, LLC
Variable Interest Entity [Line Items]
Ownership interest			100.00%
SHM South Fork JV, LLC Properties \| Additional Paid-in Capital
Variable Interest Entity [Line Items]
Difference in purchase price and noncontrolling interest			$ 1.9

Revenue (Tables)

12 Months Ended

Dec. 31, 2023

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregated Revenue

The following table disaggregates our revenue by major source and segment (in millions):


	Year Ended
	December 31, 2023								December 31, 2022								December 31, 2021
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Revenues
Real property	$	1,064.3	$	563.9	$	431.6	$	2,059.8	$	954.2	$	563.3	$	384.7	$	1,902.2	$	805.4	$	499.5	$	293.3	$	1,598.2
Home sales	374.6		45.3		—		419.9		428.3		37.5		—		465.8		247.1		33.1		—		280.2
Service, retail, dining and entertainment	48.5		89.2		501.2		638.9		40.3		89.1		402.2		531.6		7.2		73.8		270.8		351.8
Interest	39.9		4.9		0.6		45.4		32.1		2.9		0.2		35.2		10.0		2.2		—		12.2
Brokerage commissions and other, net	30.6		23.0		7.0		60.6		19.8		13.7		1.4		34.9		12.9		16.0		1.3		30.2
Total Revenues	$	1,557.9	$	726.3	$	940.4	$	3,224.6	$	1,474.7	$	706.5	$	788.5	$	2,969.7	$	1,082.6	$	624.6	$	565.4	$	2,272.6

Debt and Line of Credit - Schedule of Mortgage Loans Repaid (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Loss on Extinguishment of Debt			$ 0.0	$ 4.4	$ 8.1
Secured Debt \| Matures December 6, 2022 - September 6, 2024
Debt Instrument [Line Items]
Repayment Amount	$ 318.0
Fixed Interest Rate	4.81%
Loss on Extinguishment of Debt	$ 4.0
Secured Debt \| Matures October 1, 2022 3.89% Interest Rate
Debt Instrument [Line Items]
Repayment Amount		$ 15.8
Fixed Interest Rate		3.89%
Loss on Extinguishment of Debt		$ 0.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1D
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1F
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 24: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
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-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F

Reference 25: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases - Narrative (Details) $ in Millions	12 Months Ended
Leases - Narrative (Details) $ in Millions	Dec. 31, 2023 USD ($) developmentSite	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($) property	Dec. 31, 2023 GBP (£) developmentSite
Lessor, Lease, Description [Line Items]
Operating lease impairment	$ 0.0	$ 4.0	$ 0.0
Number of ground leases terminated \| property			2
Contingent consideration earnout provision			$ 17.2
Contingent consideration expense			$ 10.3
UNITED KINGDOM \| Park Holidays
Lessor, Lease, Description [Line Items]
Number of UK properties \| developmentSite	34			34
Option to repurchase \| £				£ 1.00
Finance liability on underlying ground lease	$ 359.7	$ 339.7
Second Terminated Lease
Lessor, Lease, Description [Line Items]
Number of ground leases terminated \| property			1
Contingent consideration earnout provision			$ 20.1
Contingent consideration liability			$ 9.8

Income Taxes - Schedule of Components of Income / (Loss) Attributable to Taxable Subsidiaries (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Investments, Owned, Federal Income Tax Note [Line Items]
Income / (loss) before provision for income taxes	$ (67.2)	$ 11.4	$ (5.2)
Domestic
Investments, Owned, Federal Income Tax Note [Line Items]
Income / (loss) before provision for income taxes	(21.0)	(13.4)	(7.8)
Foreign
Investments, Owned, Federal Income Tax Note [Line Items]
Income / (loss) before provision for income taxes	$ (46.2)	$ 24.8	$ 2.6

Earnings / (Loss) Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator
Net Income / (Loss) Attributable to SUI Common Shareholders - Basic	$ (80.9)	$ 120.1	$ (207.6)	$ (44.9)	$ 4.7	$ 162.6	$ 74.0	$ 0.7			$ (213.3)	$ 242.0	$ 380.2
Less: allocation to restricted stock awards											(1.8)	1.4	2.4
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards											(211.5)	240.6	377.8
Net Income / (Loss) Attributable to SUI Common Shareholders - Diluted											$ (213.3)	$ 245.3	$ 386.4
Denominator
Weighted average common shares outstanding - basic (in shares)											123.4	120.2	112.6
Add: common shares dilutive effect from Forward Equity Offering											0.0	0.2	0.0
Add: dilutive restricted stock											0.4	0.0	0.0
Add: common and preferred OP units dilutive effect											0.0	2.5	2.5
Diluted weighted average common shares and securities		123.5	126.1						126.2	123.8	123.8	122.9	115.1
EPS Available to Common Shareholders After Allocation
Basic earnings/(loss) per share (in USD per share)	$ (0.65)	$ 0.97	$ (1.67)	$ (0.36)	$ 0.04	$ 1.32	$ 0.61	$ 0.01	$ (2.03)	$ (1.06)	$ (1.71)	$ 2.00	$ 3.36
Diluted earnings/(loss) per share (in USD per share)	$ (0.65)	$ 0.97	$ (1.68)	$ (0.36)	$ 0.04	$ 1.32	$ 0.61	$ 0.01	$ (2.04)	$ (1.07)	$ (1.72)	$ 2.00	$ 3.36
Common OP units
Numerator
Allocation of income to restricted stock awards											$ 0.0	$ 4.7	$ 8.6
Restricted Stock
Numerator
Allocation of income to restricted stock awards											$ (1.8)	$ 0.0	$ 0.0

Debt and Line of Credit

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt and Line of Credit

9. Debt and Line of Credit

The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information):


	Carrying Amount				Weighted Average Years to Maturity		Weighted Average Interest Rates
	December 31, 2023		December 31, 2022		December 31, 2023	December 31, 2022	December 31, 2023		December 31, 2022
Secured Debt








Mortgage loans payable(1)	$	3,478.9	$	3,217.8	9.2	10.2	3.994	%	3.723	%
Secured borrowings on collateralized receivables(2)	55.8		—		14.2	N/A	8.556	%	N/A
Total Secured Debt	3,534.7		3,217.8
Unsecured Debt
Senior unsecured notes(3)	2,177.5		1,779.6		7.5	8.1	3.375	%	2.9	%

Line of credit and other debt(4)	2,065.1		2,130.6		1.7	2.8	5.428	%	4.417	%
Preferred equity - Sun NG Resorts - mandatorily redeemable	—		35.2		0.0	1.8	—	%	6.0	%
Preferred OP units - mandatorily redeemable	—		34.0		0.0	3.1	—	%	5.921	%
Total Unsecured Debt	4,242.6		3,979.4
Total Debt	$	7,777.3	$	7,197.2	6.8	7.4	4.234	%	3.746	%

(1)Balances at December 31, 2023 and 2022 include zero and $0.1 million of net debt premium, respectively, and $16.9 million and $14.6 million of deferred financing costs, respectively.

(2)Balance at December 31, 2023 includes fair value adjustments of $1.9 million.

(3)Balances at December 31, 2023 and 2022 include $6.5 million and $6.1 million of net debt discount, respectively, and $16.0 million and $14.3 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

(4)Balances at December 31, 2023 and 2022 include $1.6 million and $3.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

Secured Debt

Mortgage term loans

During the years ended December 31, 2023 and 2022, we repaid the following mortgage term loans during the quarters presented below (in millions, except for statistical information):


Period	Repayment Amount			Fixed Interest Rate		Maturity Date	Loss on Extinguishment of Debt

Three months ended September 30, 2022	$	318.0	(1)	4.81	%	December 6, 2022 - September 6, 2024	$	4.0
Three months ended June 30, 2022	$	15.8		3.89	%	October 1, 2022	$	—

(1)Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024, that are secured by 35 properties.

During the years ended December 31, 2023 and 2022, we entered into the following mortgage term loans during the quarters presented below (in millions, except for statistical information):


Period	Loan Amount			Term (in years)	Interest Rate		Maturity Date
Three months ended December 31, 2023	$	252.8	(1)	7	6.49	%	November 1, 2030
Three months ended March 31, 2023	$	85.0	(2)	3	5.0	%	February 13, 2026
	$	99.1	(3)	7 - 10	5.72	%	April 1, 2030 - April 1, 2033
Three months ended December 31, 2022	$	226.0	(4)	4 - 7	4.5	%	June 15, 2026 - December 15, 2029
Three months ended September 30, 2022	$	20.6	(5)(6)	25	3.65	%	August 10, 2047
	$	3.4	(6)	25	3.65	%	August 10, 2047

(1)Includes two newly encumbered properties.

(2)Includes five existing encumbered properties.

(3)Includes 22 existing encumbered properties.

(4)Includes 18 existing encumbered properties.

(5)Represents a construction loan (undrawn as of December 31, 2023).

(6)Represents loans jointly secured by one property.

The mortgage term loans, which total $3.5 billion as of December 31, 2023, are secured by 156 properties comprised of 62,805 sites representing approximately $2.7 billion of net book value.

Secured Borrowings on Collateralized Receivables

Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets," for information on Secured Borrowings on Collateralized Receivables.

Unsecured Debt

Senior Unsecured Notes

The following table sets forth certain information regarding our outstanding senior unsecured notes (in millions, except for statistical information). All senior unsecured notes include interest payments on a semi-annual basis in arrears, and are recorded within the Unsecured debt line item on the Consolidated Balance Sheets.


			Carrying Amount
	Principal Amount		December 31, 2023		December 31, 2022
5.7% notes, issued in January 2023 and due in January 2033(1)	$	400.0	$	395.7	$	—
4.2% notes, issued in April 2022 and due in April 2032	600.0		592.6		591.8
2.3% notes, issued in October 2021 and due in November 2028	450.0		446.8		446.2
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		742.4		741.6
Total	$	2,200.0	$	2,177.5	$	1,779.6

(1) In January 2023, the Operating Partnership issued $400.0 million of senior unsecured notes with an interest rate of 5.7% and a 10-year term, due January 15, 2033 (the "2033 Notes"). Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2023. The net proceeds from the offering were $395.3 million, after deducting underwriters' discounts and estimated offering expenses. We used the net proceeds from the offering to repay borrowings outstanding under our Senior Credit Facility.

Line of Credit

In April 2022, the Operating Partnership (as borrower), SUI (as guarantor), and certain lenders entered into Amendment No. 1 to the Fourth Amended and Restated Credit Agreement and Other Loan Documents (the "Credit Facility Amendment"), which amended our senior credit facility (the "Senior Credit Facility").

The Credit Facility Amendment increased the aggregate amount of our Senior Credit Facility to $4.2 billion with the ability to upsize the total borrowings by an additional $800.0 million, subject to certain conditions. The increased aggregate amount under the Senior Credit Facility consists of the following: (a) a revolving loan in an amount up to $3.05 billion and (b) a term loan facility of $1.15 billion, with the ability to draw funds from the combined facilities in U.S. dollars, Pound sterling, Euros, Canadian dollars and Australian dollars, subject to certain limitations. The Credit Facility Amendment extended the maturity date of the revolving loan facility to April 7, 2026. At our option that maturity date may be extended two additional six-month periods. In addition, the Credit Facility Amendment established the maturity date of the term loan facility under the Credit Facility Amendment as April 7, 2025, which may not be further extended.

The Senior Credit Facility bears interest at a floating rate based on the Adjusted Term SOFR, the Adjusted Eurocurrency Rate, the Australian BBSY, the Daily SONIA Rate or the Canadian Dollar Offered Rate, as applicable, plus a margin, in all cases, which can range from 0.725% to 1.6%, subject to certain adjustments. As of December 31, 2023, the margins based on our credit ratings were 0.85% on the revolving loan facility and 0.95% on the term loan facility.

At the lenders' option, the Senior Credit Facility will become immediately due and payable upon an event of default under the Credit Facility Agreement. We had $944.1 million and $1.1 billion of borrowings outstanding under the revolving loan as of December 31, 2023 and 2022, respectively. We also had $1.1 billion of borrowings outstanding under the term loan on the Senior Credit Facility as of December 31, 2023 and 2022, respectively. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets.

The Senior Credit Facility provides us with the ability to issue letters of credit. Our issuance of letters of credit does not increase our borrowings outstanding under the Senior Credit Facility, but does reduce the borrowing amount available. We had $26.2 million and $2.6 million of outstanding letters of credit at December 31, 2023 and 2022, respectively.

Unsecured Term Loan

In October 2019, we assumed a $58.0 million secured term loan facility related to an acquisition. The term loan initially had a four-year term ending October 29, 2023, and bore interest at a floating rate based on the Eurodollar rate or Prime rate plus a margin ranging from 1.2% to 2.05%. Effective July 1, 2021, we amended the agreement to release the associated collateral, extend the term loan facility maturity date to October 29, 2025 and adjust the interest rate margin to a range from 0.8% to 1.6%. In August 2022, we amended the secured term loan facility to transition from the Eurodollar rate to SOFR. As of December 31, 2023, the margin based on our credit rating was 0.95%. The outstanding balance was $7.8 million and $19.8 million at December 31, 2023 and 2022, respectively. These balances are recorded in Unsecured debt on the Consolidated Balance Sheets.

Preferred Equity - Sun NG Resorts - Mandatorily Redeemable

In connection with the investment in Sun NG Resorts in June 2018, unrelated third parties purchased $35.3 million of mandatorily redeemable Series A Preferred Equity ("Preferred Equity - Sun NG Resorts") that carried a preferred rate of return of 6.0% per annum and had a seven-year term ending June 1, 2025. In December 2023, we settled the Preferred Equity - Sun NG Resorts balance as part of the transaction with our joint venture partners in Sun NG. Accordingly, the outstanding balance on the Preferred Equity - Sun NG Resorts was zero and $35.2 million at December 31, 2023 and 2022, respectively. These balances were recorded in Unsecured debt on the Consolidated Balance Sheets. Refer to Note 8, "Consolidated Variable Interest Entities" for additional information related to the broader transaction with our joint venture partner in Sun NG.

Preferred OP Units - Mandatorily Redeemable

As of December 31, 2023, all Aspen preferred OP units were converted into common OP units. At December 31, 2022, the Preferred OP units included $34.0 million of Aspen preferred OP units recorded in Unsecured debt on the Consolidated Balance Sheets.

In January 2020, we amended the Operating Partnership's partnership agreement to extend the automatic redemption date and reduce the annual distribution rate for 270,000 of the Aspen preferred OP units (the "Extended Units"). The Extended Units redemption date was extended to January 1, 2034, and their distribution rate was lowered to 3.8%. During the three months ended March 31, 2023, all of the Extended Units, representing $7.3 million of unsecured debt, converted into common equity.

For Aspen preferred OP units with no extended redemption date, subject to certain limitations, at any time prior to January 1, 2024, the holders of Aspen preferred OP units each had the option to convert such units into: (a) if the average closing price of our common stock for the preceding ten trading days is $68.00 per share or less, 0.397 common OP units; or (b) if the 10-day average closing price is greater than $68.00 per share, a number of common OP units determined by dividing (i) the sum of (A) $27.00 plus (B) 25.0% of the amount by which the 10-day average closing price exceeds $68.00 per share, by (ii) the 10-day average closing price. The preferred distribution rate for the Aspen preferred OP units was 6.5%. On January 2, 2024, we would have been required to redeem for cash any Aspen preferred OP units that had not been converted to common OP units. During the year ended December 31, 2023, unit holders converted all 322,934 remaining Aspen preferred OP units, representing $8.7 million of unsecured debt, into common OP units. Refer to Note 10, "Equity and Temporary Equity," for additional details related to Aspen preferred OP unit conversions.

Covenants

The mortgage term loans, senior unsecured notes and Senior Credit Facility are subject to various financial and other covenants. The most restrictive covenants are pursuant to (a) the terms of the Senior Credit Facility, which contains a maximum leverage ratio, minimum fixed charge coverage ratio and maximum secured leverage ratio, and (b) the terms of the senior unsecured notes, which contain a total debt to total assets ratio, secured debt to total assets ratio, consolidated income available for debt service to debt service ratio and unencumbered total asset value to unsecured debt ratio. At December 31, 2023, we were in compliance with all financial covenants.

In addition, certain of our subsidiary borrowers own properties that secure loans. These subsidiaries are consolidated within our accompanying Consolidated Financial Statements, however, each of these subsidiaries' assets and credit are not available to satisfy our debts and other obligations, and any of our other subsidiaries or any other person or entity.

Interest Capitalized

We capitalize interest during the construction and development of our communities. Capitalized interest costs associated with construction and development activities during the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Interest capitalized	$	12.9	$	7.0	$	4.5

Long-term Debt Maturities

As of December 31, 2023, the total of our secured debt (excluding premiums and deferred financing costs) and unsecured debt (excluding discounts and deferred financing costs) by year were as follows (in millions):


	Maturities and Amortization By Year
	Total Due		2024		2025		2026		2027		2028		Thereafter
Secured Debt
Mortgage loans payable
Maturities	$	2,670.8	$	128.8	$	50.6	$	658.4	$	4.0	$	303.8	$	1,525.2
Principal amortization	825.0		56.5		54.2		46.3		40.6		43.4		584.0
Secured borrowings on collateralized receivables(1)	53.9		2.3		2.5		2.7		3.0		3.2		40.2
Total Secured Debt	3,549.7		187.6		107.3		707.4		47.6		350.4		2,149.4
Unsecured Debt
Senior unsecured notes	2,200.0		—		—		—		—		450.0		1,750.0
Line of credit and other debt	2,066.7		7.8		1,114.8		944.1		—		—		—


Total Unsecured Debt	4,266.7		7.8		1,114.8		944.1		—		450.0		1,750.0
Total Debt	$	7,816.4	$	195.4	$	1,222.1	$	1,651.5	$	47.6	$	800.4	$	3,899.4

(1)Balance at December 31, 2023 excludes fair value adjustments of $1.9 million.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 470
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//470/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I

+ Details

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

18. Leases

Lessee Accounting

We lease land under non-cancelable operating leases at certain MH, RV and marina properties expiring at various dates through 2100. The majority of the leases have terms requiring fixed payments plus additional rents based on a percentage of revenues at those properties. We also have other operating leases, primarily office space and equipment expiring at various dates through 2042.

Future minimum lease payments under non-cancellable leases as of December 31, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2024	$	4.6	$	13.9	$	18.5
2025	0.5		13.8		14.3
2026	0.5		12.3		12.8
2027	0.5		10.3		10.8
2028	0.5		9.6		10.1
Thereafter	21.5		236.3		257.8
Total Lease Payments	$	28.1	$	296.2	$	324.3
Less: Imputed interest	(13.8)		(136.7)		(150.5)
Present Value of Lease Liabilities	$	14.3	$	159.5	$	173.8

Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):


	Financial Statement Classification	As of
Description		December 31, 2023		December 31, 2022
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	32.6	$	32.2
Operating lease, ROU asset, net	Other assets, net	$	176.0	$	189.4
Below market operating leases, net	Other assets, net	$	95.0	$	90.9
Lease Liabilities
Finance lease liabilities	Other liabilities	$	14.3	$	15.0
Operating lease liabilities	Other liabilities	$	159.5	$	160.3

The components of lease costs for finance and operating leases, as included in our Consolidated Statements of Operations are as follows (in millions):



		Year Ended
Description	Financial Statement Classification	December 31, 2023		December 31, 2022		December 31, 2021
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	1.6	$	2.7	$	—
Interest on lease liabilities	Interest expense	0.6		0.5		0.2
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	19.2		8.5		11.4
Operating lease impairment(1)	Other expense, net	—		4.0		—
Variable lease cost	Property operating and maintenance	8.7		3.0		6.8

Total Lease Cost		$	30.1	$	18.7	$	18.4

(1)Refer to Note 1, "Significant Accounting Policies," for additional details.

Lease term, discount rates and additional information for finance and operating leases are as follows:


	As of
Lease Term and Discount Rate	December 31, 2023		December 31, 2022
Weighted-average Remaining Lease Terms (years)
Finance lease	36.63		37.87
Operating lease	27.71		33.97
Weighted-average Discount Rate
Finance lease	3.59	%	3.38	%
Operating lease	3.82	%	3.80	%


	Year Ended
Other Information (in millions)	December 31, 2023		December 31, 2022		December 31, 2021
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	13.5	$	12.1	$	6.6

Financing cash outflows for finance leases	0.8		6.2		0.3
Total Cash Paid on Lease Liabilities	$	14.3	$	18.3	$	6.9

During the year ended December 31, 2022, we vacated certain of our leased spaces to better align with our needs and workplace strategies. As a result, we impaired the corresponding operating lease right of use assets, resulting in a charge of $4.0 million recorded within Other expense, net within the Consolidated Statement of Operations.

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of December 31, 2023.

Nearly all of our operating leases with our residents and customers at our MH and RV properties where we are the lessor are either month to month or for a time period not to exceed one year. As of December 31, 2023, future minimum lease payments with our residents or customers would not exceed 12 months.

We do not have any operating leases with real estate operators at our MH properties. At our RV communities and marinas, future minimum lease payments under non-cancellable leases with real estate operators where we are the lessor include the following as of December 31, 2023 (in millions):


Maturity of Lease Payments	Operating Leases
2024	$	22.4
2025	15.9
2026	11.4
2027	7.4
2028	6.5
Thereafter	72.7
Total Undiscounted Cash Flows	$	136.3

The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):


		Year Ended
Description	Financial Statement Classification		December 31, 2023		December 31, 2022		December 31, 2021
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net		$	31.6	$	28.9	$	23.0
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net		$	5.2	$	2.9	$	5.7

(1)Consists of rent primarily based on a percentage of operating revenues beyond target thresholds.

During the year ended December 31, 2021, we terminated our operating ground lease agreements at two properties and settled a contingent consideration earn-out provision in the amount of $17.2 million. As these properties were deemed asset acquisitions, the contingent consideration payment was recognized as an additional purchase price within Land improvements and buildings in the Consolidated Balance Sheets, and within Acquisition of properties, net of cash acquired, in the Consolidated Statement of Cash Flows.

In conjunction with the termination, we entered into management agreements with the previous operators to manage these properties effective January 1, 2022.

During the year ended December 31, 2021, we terminated our operating ground lease agreement at one property and settled a contingent consideration earnout provision in the amount of $20.1 million. The initial contingent consideration liability of $9.8 million was recognized at acquisition within Investment property in the Consolidated Balance Sheets, and within financing in the Consolidated Statement of Cash Flows. As this property was deemed a business combination, incremental contingent consideration expense of $10.3 million was recognized within Other expense, net in the Consolidated Statement of Operations and within Operating in the Consolidated Statement of Cash Flows. In conjunction with the termination, we entered into a management agreement with the previous operator to manage the property effective January 1, 2022.

Failed Sale Leaseback

In connection with our acquisition of Park Holidays, we assumed ground lease arrangements for 34 UK properties that we concluded to be failed sale-leaseback transactions under ASC Topic 842, "Leases." The arrangements have maturities ranging from 2117 through 2197 with an option to repurchase for £1.00 at the end of the term. The obligation related to the underlying ground leases has been recorded as a financial liability in Other Liabilities on the Consolidated Balance Sheets. The financial liability was $359.7 million and $339.7 million as of December 31, 2023 and December 31, 2022, respectively. The following table presents the future minimum rental payments for this financial liability as of December 31, 2023 (in millions):


Maturity of Financial Liability (in millions)	December 31, 2023
2024	$	11.4
2025	12.0
2026	12.1
2027	12.2
2028	12.1
Thereafter	1,757.2
Total Payments	$	1,817.0
Less: Imputed interest	(1,457.3)
Present Value of Financial Liability	$	359.7

Leases

18. Leases

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of December 31, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2024	$	4.6	$	13.9	$	18.5
2025	0.5		13.8		14.3
2026	0.5		12.3		12.8
2027	0.5		10.3		10.8
2028	0.5		9.6		10.1
Thereafter	21.5		236.3		257.8
Total Lease Payments	$	28.1	$	296.2	$	324.3
Less: Imputed interest	(13.8)		(136.7)		(150.5)
Present Value of Lease Liabilities	$	14.3	$	159.5	$	173.8

Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):


	Financial Statement Classification	As of
Description		December 31, 2023		December 31, 2022
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	32.6	$	32.2
Operating lease, ROU asset, net	Other assets, net	$	176.0	$	189.4
Below market operating leases, net	Other assets, net	$	95.0	$	90.9
Lease Liabilities
Finance lease liabilities	Other liabilities	$	14.3	$	15.0
Operating lease liabilities	Other liabilities	$	159.5	$	160.3

The components of lease costs for finance and operating leases, as included in our Consolidated Statements of Operations are as follows (in millions):



		Year Ended
Description	Financial Statement Classification	December 31, 2023		December 31, 2022		December 31, 2021
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	1.6	$	2.7	$	—
Interest on lease liabilities	Interest expense	0.6		0.5		0.2
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	19.2		8.5		11.4
Operating lease impairment(1)	Other expense, net	—		4.0		—
Variable lease cost	Property operating and maintenance	8.7		3.0		6.8

Total Lease Cost		$	30.1	$	18.7	$	18.4

(1)Refer to Note 1, "Significant Accounting Policies," for additional details.

Lease term, discount rates and additional information for finance and operating leases are as follows:


	As of
Lease Term and Discount Rate	December 31, 2023		December 31, 2022
Weighted-average Remaining Lease Terms (years)
Finance lease	36.63		37.87
Operating lease	27.71		33.97
Weighted-average Discount Rate
Finance lease	3.59	%	3.38	%
Operating lease	3.82	%	3.80	%


	Year Ended
Other Information (in millions)	December 31, 2023		December 31, 2022		December 31, 2021
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	13.5	$	12.1	$	6.6

Financing cash outflows for finance leases	0.8		6.2		0.3
Total Cash Paid on Lease Liabilities	$	14.3	$	18.3	$	6.9

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of December 31, 2023.


Maturity of Lease Payments	Operating Leases
2024	$	22.4
2025	15.9
2026	11.4
2027	7.4
2028	6.5
Thereafter	72.7
Total Undiscounted Cash Flows	$	136.3

The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):


		Year Ended
Description	Financial Statement Classification		December 31, 2023		December 31, 2022		December 31, 2021
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net		$	31.6	$	28.9	$	23.0
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net		$	5.2	$	2.9	$	5.7

(1)Consists of rent primarily based on a percentage of operating revenues beyond target thresholds.

In conjunction with the termination, we entered into management agreements with the previous operators to manage these properties effective January 1, 2022.

Failed Sale Leaseback


Maturity of Financial Liability (in millions)	December 31, 2023
2024	$	11.4
2025	12.0
2026	12.1
2027	12.2
2028	12.1
Thereafter	1,757.2
Total Payments	$	1,817.0
Less: Imputed interest	(1,457.3)
Present Value of Financial Liability	$	359.7

Leases

18. Leases

Lessee Accounting

Future minimum lease payments under non-cancellable leases as of December 31, 2023 where we are the lessee include (in millions):



Maturity of Lease Liabilities	Finance Leases		Operating Leases		Total
2024	$	4.6	$	13.9	$	18.5
2025	0.5		13.8		14.3
2026	0.5		12.3		12.8
2027	0.5		10.3		10.8
2028	0.5		9.6		10.1
Thereafter	21.5		236.3		257.8
Total Lease Payments	$	28.1	$	296.2	$	324.3
Less: Imputed interest	(13.8)		(136.7)		(150.5)
Present Value of Lease Liabilities	$	14.3	$	159.5	$	173.8

Right-of-use ("ROU") assets and lease liabilities for finance and operating leases as included in our Consolidated Balance Sheets are as follows (in millions):


	Financial Statement Classification	As of
Description		December 31, 2023		December 31, 2022
Lease Assets
Finance lease, ROU asset, net of accumulated amortization	Investment property, net	$	32.6	$	32.2
Operating lease, ROU asset, net	Other assets, net	$	176.0	$	189.4
Below market operating leases, net	Other assets, net	$	95.0	$	90.9
Lease Liabilities
Finance lease liabilities	Other liabilities	$	14.3	$	15.0
Operating lease liabilities	Other liabilities	$	159.5	$	160.3

The components of lease costs for finance and operating leases, as included in our Consolidated Statements of Operations are as follows (in millions):



		Year Ended
Description	Financial Statement Classification	December 31, 2023		December 31, 2022		December 31, 2021
Finance Lease Cost
Amortization of ROU assets	Depreciation and amortization	$	1.6	$	2.7	$	—
Interest on lease liabilities	Interest expense	0.6		0.5		0.2
Operating lease cost	General and administrative expense, Property operating and maintenance, Depreciation and amortization	19.2		8.5		11.4
Operating lease impairment(1)	Other expense, net	—		4.0		—
Variable lease cost	Property operating and maintenance	8.7		3.0		6.8

Total Lease Cost		$	30.1	$	18.7	$	18.4

(1)Refer to Note 1, "Significant Accounting Policies," for additional details.

Lease term, discount rates and additional information for finance and operating leases are as follows:


	As of
Lease Term and Discount Rate	December 31, 2023		December 31, 2022
Weighted-average Remaining Lease Terms (years)
Finance lease	36.63		37.87
Operating lease	27.71		33.97
Weighted-average Discount Rate
Finance lease	3.59	%	3.38	%
Operating lease	3.82	%	3.80	%


	Year Ended
Other Information (in millions)	December 31, 2023		December 31, 2022		December 31, 2021
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$	13.5	$	12.1	$	6.6

Financing cash outflows for finance leases	0.8		6.2		0.3
Total Cash Paid on Lease Liabilities	$	14.3	$	18.3	$	6.9

Lessor Accounting

We are not the lessor for any finance leases at our MH, RV or marina properties as of December 31, 2023.


Maturity of Lease Payments	Operating Leases
2024	$	22.4
2025	15.9
2026	11.4
2027	7.4
2028	6.5
Thereafter	72.7
Total Undiscounted Cash Flows	$	136.3

The components of lease income for our operating leases, as included in our Consolidated Statement of Operations are as follows (in millions):


		Year Ended
Description	Financial Statement Classification		December 31, 2023		December 31, 2022		December 31, 2021
Operating Leases

Fixed lease income	Income from real property; Brokerage commissions and other revenue, net		$	31.6	$	28.9	$	23.0
Variable lease income(1)	Income from real property; Brokerage commissions and other revenue, net		$	5.2	$	2.9	$	5.7

(1)Consists of rent primarily based on a percentage of operating revenues beyond target thresholds.

In conjunction with the termination, we entered into management agreements with the previous operators to manage these properties effective January 1, 2022.

Failed Sale Leaseback


Maturity of Financial Liability (in millions)	December 31, 2023
2024	$	11.4
2025	12.0
2026	12.1
2027	12.2
2028	12.1
Thereafter	1,757.2
Total Payments	$	1,817.0
Less: Imputed interest	(1,457.3)
Present Value of Financial Liability	$	359.7

Derivative Financial Instruments - Narrative (Details) £ in Millions, $ in Millions		12 Months Ended
	Apr. 12, 2022	Dec. 31, 2023 USD ($) contract	Sep. 30, 2023 USD ($) contract	Mar. 31, 2023 USD ($) contract	Mar. 31, 2023 GBP (£) contract	Dec. 31, 2022 USD ($) contract	Sep. 30, 2022 USD ($) contract	Sep. 30, 2022 GBP (£) contract	Jun. 30, 2022 USD ($) contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts \| contract		12				5
Notional \| $		$ 582.3				$ 733.6
Interest Rate Swap and Forward Swap Contracts \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts \| contract		13		5	5
Interest Rate Swap
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts \| contract		1	2				2	2
Notional		$ 25.0	$ 125.0		£ 100.0		$ 483.6	£ 400.0
Treasury Rate Lock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of Contracts \| contract				2	2		2	2	4
Notional \| $				$ 100.0			$ 200.0		$ 150.0
Treasury Rate Lock \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional \| $						$ 733.6
Maximum maturities of contracts	10 years	10 years
Treasury Rate Lock and Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional \| $		$ 1,041.5

Debt and Line of Credit - Schedule of Maturities and Amortization of Debt and Line of Credit (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total Due	$ 7,816.4
2024	195.4
2025	1,222.1
2026	1,651.5
2027	47.6
2028	800.4
Thereafter	3,899.4
Secured borrowings on collateralized receivables - fair value adjustment	1.9	$ 0.0
Maturities
Debt Instrument [Line Items]
Total Due	2,670.8
2024	128.8
2025	50.6
2026	658.4
2027	4.0
2028	303.8
Thereafter	1,525.2
Principal amortization
Debt Instrument [Line Items]
Total Due	825.0
2024	56.5
2025	54.2
2026	46.3
2027	40.6
2028	43.4
Thereafter	584.0
Secured Debt
Debt Instrument [Line Items]
Total Due	3,549.7
2024	187.6
2025	107.3
2026	707.4
2027	47.6
2028	350.4
Thereafter	2,149.4
Secured borrowings on collateralized receivables
Debt Instrument [Line Items]
Total Due	53.9
2024	2.3
2025	2.5
2026	2.7
2027	3.0
2028	3.2
Thereafter	40.2
Unsecured Debt
Debt Instrument [Line Items]
Total Due	4,266.7
2024	7.8
2025	1,114.8
2026	944.1
2027	0.0
2028	450.0
Thereafter	1,750.0
Unsecured Debt \| Senior unsecured notes
Debt Instrument [Line Items]
Total Due	2,200.0
2024	0.0
2025	0.0
2026	0.0
2027	0.0
2028	450.0
Thereafter	1,750.0
Line of credit and other debt
Debt Instrument [Line Items]
Total Due	2,066.7
2024	7.8
2025	1,114.8
2026	944.1
2027	0.0
2028	0.0
Thereafter	$ 0.0

Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) property developmentSite	Dec. 31, 2023 USD ($) property developmentSite	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Aug. 31, 2023 defendant	Sep. 28, 2022 property developmentSite
Loss Contingencies [Line Items]
Number of affected RV properties \| property	1	1				3
Number of sites affected \| developmentSite	300	300				2,500
Business interruption insurance, period of coverage	60 months	60 months
Asset impairments	$ 7.0	$ 10.1	$ 3.0	$ 0.0
In Re Manufactured Home Lot Rents Antitrust Litigation, No. 1:23-cv-06715
Loss Contingencies [Line Items]
Number of additional defendants \| defendant					9
Hurricane Ian
Loss Contingencies [Line Items]
Estimated insurance recoveries	$ 56.7	56.7	$ 54.9
Incremental costs that exceeded the applicable deductible		51.5
Reversal due to change in estimate		4.8
Proceeds received from insurer		44.9
Hurricane Ian \| Insurance Settlement
Loss Contingencies [Line Items]
Proceeds received from insurer		$ 20.2

Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 777.7	$ 1,076.9	$ 1,018.4	$ 1,018.4	$ 1,018.4	$ 1,018.4	$ 495.4
Acquisitions							516.0
Impairments	(44.8)	(309.7)	(15.4)	(325.1)	(369.9)	(369.9)	0.0	$ 0.0
Currency Translation Adjustment						23.8	(36.7)
Other						60.7	43.7
Goodwill, ending balance	$ 725.4	$ 777.7	1,076.9	777.7	725.4	733.0	1,018.4	495.4
Operating Segments
Goodwill [Roll Forward]
Impairments						(369.9)
MH
Goodwill [Roll Forward]
Goodwill, beginning balance			467.4	467.4	467.4	467.4	0.0
Acquisitions							465.0
Currency Translation Adjustment						23.8	(36.7)
Other						60.7	39.1
Goodwill, ending balance						182.0	467.4	0.0
MH \| Operating Segments
Goodwill [Roll Forward]
Impairments						(369.9)
RV
Goodwill [Roll Forward]
Goodwill, beginning balance			9.5	9.5	9.5	9.5	0.0
Acquisitions							9.5
Currency Translation Adjustment						0.0	0.0
Other						0.0	0.0
Goodwill, ending balance						9.5	9.5	0.0
RV \| Operating Segments
Goodwill [Roll Forward]
Impairments						0.0
Marina
Goodwill [Roll Forward]
Goodwill, beginning balance			$ 541.5	$ 541.5	$ 541.5	541.5	495.4
Acquisitions							41.5
Currency Translation Adjustment						0.0	0.0
Other						0.0	4.6
Goodwill, ending balance						541.5	$ 541.5	$ 495.4
Marina \| Operating Segments
Goodwill [Roll Forward]
Impairments						$ 0.0

Earnings / (Loss) Per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Earnings / (Loss) Per Share

14. Earnings / (Loss) Per Share

Earnings / (loss) per share ("EPS") is computed by dividing net income or loss by the weighted average number of common shares outstanding during the period on a basic and diluted basis. We calculate diluted EPS using the more dilutive of the treasury stock method and the two-class method for stock option and restricted common shares, the treasury stock method for forward equity sales and the if converted method for convertible units.

From time to time, we enter into forward equity sales agreements, which are discussed in Note 10, "Equity and Temporary Equity." We considered the potential dilution resulting from the forward equity sales agreements on the EPS calculations. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered unless there is a physical settlement. Common shares issued upon the physical settlement of the forward equity sales agreements, weighted for the period these common shares are outstanding, are included in the denominator of basic EPS. To determine the dilution resulting from the forward equity sales agreements during the period of time prior to settlement, we calculate the number of weighted-average shares outstanding - diluted in accordance with the treasury stock method.

Our potentially dilutive securities include our potential common shares related to our forward equity offerings, our unvested restricted common shares, and our Operating Partnership outstanding common OP units, Series A-1 preferred OP units, Series A-3 preferred OP units, Series C preferred OP units, Series D preferred OP units, Series E preferred OP units, Series F preferred OP units, Series G preferred OP units, Series H preferred OP units, Series J preferred OP units, Series K preferred OP units and Series L preferred OP units, which, if converted or exercised, may impact dilution.

Diluted EPS considers the impact of potentially dilutive securities except when the potential common shares have an anti-dilutive effect. Our unvested restricted stock common shares contain rights to receive non-forfeitable distributions and participate equally with common stock with respect to distributions issued or declared, and thus, are participating securities, requiring the two-class method of computing EPS. In calculating the two-class method, undistributed earnings are allocated to both common shares and participating securities based on the weighted average number of shares outstanding during the period. The two-class method determines EPS by (1) dividing the sum of distributed earnings allocated to common shareholders and undistributed earnings allocated to common shareholders by the weighted average number of shares of common stock outstanding for the period; and (2) dividing the sum of distributed earnings allocated to participating securities and undistributed earnings allocated to participating securities by the weighted average number of shares of participating securities for the period. The remaining potential dilutive common shares do not contain rights to distributions and are included in the computation of diluted EPS.

Computations of basic and diluted EPS were as follows (in millions, except per share data):


	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Numerator
Net income / (loss) attributable to SUI common shareholders	$	(213.3)	$	242.0	$	380.2
Less: allocation to restricted stock awards	(1.8)		1.4		2.4
Basic earnings - net income / (loss) attributable to common shareholders after allocation to restricted stock awards	$	(211.5)	$	240.6	$	377.8
Add: allocation to common and preferred OP units dilutive effect	—		4.7		8.6
Add: allocation to restricted stock awards	(1.8)		—		—
Diluted earnings - net income / (loss) attributable to common shareholders after allocation to common and preferred OP units(1)(2)	$	(213.3)	$	245.3	$	386.4


Denominator
Weighted average common shares outstanding	$	123.4	$	120.2	$	112.6
Add: common shares dilutive effect from Forward Equity Offering	—		0.2		—

Add: dilutive restricted stock	0.4		—		—
Add: common and preferred OP units dilutive effect	—		2.5		2.5
Diluted weighted average common shares and securities(1)(2)	$	123.8	$	122.9	$	115.1

EPS Available to Common Shareholders After Allocation
Basic earnings / (loss) per share	$	(1.71)	$	2.00	$	3.36
Diluted earnings / (loss) per share(1)(2)	$	(1.72)	$	2.00	$	3.36

We have excluded certain convertible securities from the computation of diluted EPS because the inclusion of those securities would have been anti-dilutive for the periods presented. The following table presents the outstanding securities that were excluded from the computation of diluted EPS as of December 31, 2023, 2022 and 2021 (amounts in thousands):


	Year Ended
	December 31, 2023	December 31, 2022	December 31, 2021
Common OP units	2,735	—	—
A-1 preferred OP units	202	208	275
A-3 preferred OP units	40	40	40
Aspen preferred OP units(1)	N/A	1,259	1,284
Series C preferred OP units	306	306	306
Series D preferred OP units	489	489	489
Series E preferred OP units	80	80	90
Series F preferred OP units	90	90	90
Series G preferred OP units	211	241	241
Series H preferred OP units	581	581	581
Series I preferred OP units(2)	N/A	N/A	922
Series J preferred OP units	238	240	240
Series K preferred OP units	1,000	N/A	N/A
Series L preferred OP units	20	N/A	N/A

Total Securities	5,992	3,534	4,558

N/A = Not applicable.

(1) All of our outstanding Aspen preferred OP units converted during the year ended December 31, 2023.

(2) All of our outstanding Series I preferred OP units converted during the year ended December 31, 2022.

Investment in Nonconsolidated Affiliates - Schedule of Changes in Investment Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Changes in Investment Balance [Roll Forward]
Beginning balance	$ 101.3
Equity earnings	16.0	$ 2.9	$ 4.0
Ending Balance	118.9	101.3
Sungenia JV
Schedule of Changes in Investment Balance [Roll Forward]
Beginning balance	44.5	36.2
Cumulative translation adjustment	(0.5)	(3.0)
Contributions	9.6	9.1
Equity earnings	3.2	2.2	1.8
Ending Balance	56.8	44.5	36.2
GTSC
Schedule of Changes in Investment Balance [Roll Forward]
Beginning balance	54.5	35.7
Contributions	27.5	37.4
Distributions	(20.7)	(22.5)
Equity earnings	3.3	5.9	6.1
Fair value adjustment	(4.2)	(2.0)
Ending Balance	$ 60.4	$ 54.5	$ 35.7

Leases - Schedule of Lease Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Finance Lease Cost
Amortization of ROU assets	$ 1.6	$ 2.7	$ 0.0
Interest on lease liabilities	0.6	0.5	0.2
Operating lease cost	19.2	8.5	11.4
Operating lease impairment	0.0	4.0	0.0
Variable lease cost	8.7	3.0	6.8
Total Lease Cost	$ 30.1	$ 18.7	$ 18.4

Investment in Nonconsolidated Affiliates

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Nonconsolidated Affiliates

7. Investments in Nonconsolidated Affiliates

Investments in joint ventures that are not consolidated, nor recorded at cost, are accounted for using the equity method of accounting as prescribed in ASC Topic 323, "Investments - Equity Method and Joint Ventures." Investments in nonconsolidated affiliates are recorded within Other assets, net on the Consolidated Balance Sheets. Equity income and loss are recorded in the Income / (loss) from nonconsolidated affiliates on the Consolidated Statements of Operations.

RezPlot Systems LLC ("Rezplot")

At December 31, 2023 and 2022, we had a zero and 48.9% ownership interest, respectively, in RezPlot, a RV reservation software technology company, operating under the Campspot brand, which we acquired in January 2019. During the year ended December 31, 2023, in conjunction with the transaction with our joint venture partner in Sun NG, we disposed of our ownership interest in Rezplot and settled notes receivable due from Rezplot for $12.2 million. In conjunction with the disposition, we remeasured the investment to its fair value and recorded a gain of $15.3 million. The gain was recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations. Refer to Note 4, "Notes and Other Receivables," for additional information on the notes receivable and Note 8, "Consolidated Variable Interest Entities," for more information on the transaction with our joint venture partner in Sun NG.

Sungenia joint venture ("Sungenia JV")

At December 31, 2023 and 2022, we had a 50% ownership interest in Sungenia JV, a joint venture formed between us and Ingenia Communities Group in November 2018, to establish and grow a manufactured housing community development program in Australia.

GTSC LLC ("GTSC")

At December 31, 2023 and 2022, we had a 40% ownership interest in GTSC, which engages in acquiring, holding and selling loans secured, directly or indirectly, by manufactured homes located in our communities.

Origen Financial Services, LLC ("OFS")

At December 31, 2023 and 2022, we had no ownership interest in OFS, an end-to-end online resident screening and document management suite. During the year ended December 31, 2022, we sold our ownership interest in OFS for $0.6 million. The gain from the sale was $0.3 million, which was recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations.

SV Lift, LLC ("SV Lift")

At December 31, 2023 and 2022, we had a 50% ownership interest in SV Lift, which owns, operates and leases an aircraft.

The investment balance in each nonconsolidated affiliate is as follows (in millions):



Investment	December 31, 2023		December 31, 2022

Investment in Sungenia JV	$	56.8	$	44.5
Investment in GTSC	60.4		54.5

Investment in SV Lift	1.7		2.3
Total	$	118.9	$	101.3

The income / (loss) from each nonconsolidated affiliate is as follows (in millions):


	Year Ended
Income / (Loss) from Nonconsolidated Affiliates	December 31, 2023		December 31, 2022		December 31, 2021
RezPlot equity income / (loss)	$	11.1	$	(4.7)	$	(2.9)
Sungenia JV equity income	3.2		2.2		1.8
GTSC equity income	3.3		5.9		6.1
OFS equity income	—		0.6		0.2
SV Lift equity loss	(1.6)		(1.1)		(1.2)
Total Income from Nonconsolidated Affiliates	$	16.0	$	2.9	$	4.0

The change in the Sungenia JV investment balance is as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022
Beginning balance	$	44.5	$	36.2
Cumulative translation adjustment	(0.5)		(3.0)
Contributions	9.6		9.1

Equity earnings	3.2		2.2

Ending Balance	$	56.8	$	44.5

The change in the GTSC investment balance is as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022
Beginning balance	$	54.5	$	35.7

Contributions	27.5		37.4
Distributions	(20.7)		(22.5)
Equity earnings	3.3		5.9
Fair value adjustment	(4.2)		(2.0)
Ending Balance	$	60.4	$	54.5

Equity and Temporary Equity - Schedule of Accumulated Other Comprehensive (Income) Loss (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Net foreign currency translation losses	$ (29.5)				$ (70.6)
Accumulated net gains on derivatives	41.7				60.7
Accumulated other comprehensive income / (loss)	$ 12.2	$ 16.4	$ 36.2	$ 7.4	$ (9.9)

- Definition

Amount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.

+ References + Details

Debt and Line of Credit (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Debt and Lines of Credit

The following table sets forth certain information regarding debt, including premiums, discounts and deferred financing costs (in millions, except for statistical information):


	Carrying Amount				Weighted Average Years to Maturity		Weighted Average Interest Rates
	December 31, 2023		December 31, 2022		December 31, 2023	December 31, 2022	December 31, 2023		December 31, 2022
Secured Debt








Mortgage loans payable(1)	$	3,478.9	$	3,217.8	9.2	10.2	3.994	%	3.723	%
Secured borrowings on collateralized receivables(2)	55.8		—		14.2	N/A	8.556	%	N/A
Total Secured Debt	3,534.7		3,217.8
Unsecured Debt
Senior unsecured notes(3)	2,177.5		1,779.6		7.5	8.1	3.375	%	2.9	%

Line of credit and other debt(4)	2,065.1		2,130.6		1.7	2.8	5.428	%	4.417	%
Preferred equity - Sun NG Resorts - mandatorily redeemable	—		35.2		0.0	1.8	—	%	6.0	%
Preferred OP units - mandatorily redeemable	—		34.0		0.0	3.1	—	%	5.921	%
Total Unsecured Debt	4,242.6		3,979.4
Total Debt	$	7,777.3	$	7,197.2	6.8	7.4	4.234	%	3.746	%

(1)Balances at December 31, 2023 and 2022 include zero and $0.1 million of net debt premium, respectively, and $16.9 million and $14.6 million of deferred financing costs, respectively.

(2)Balance at December 31, 2023 includes fair value adjustments of $1.9 million.

(4)Balances at December 31, 2023 and 2022 include $1.6 million and $3.0 million of deferred financing costs, respectively. Weighted average interest rates include the impact of hedge activity.

During the years ended December 31, 2023 and 2022, we entered into the following mortgage term loans during the quarters presented below (in millions, except for statistical information):


Period	Loan Amount			Term (in years)	Interest Rate		Maturity Date
Three months ended December 31, 2023	$	252.8	(1)	7	6.49	%	November 1, 2030
Three months ended March 31, 2023	$	85.0	(2)	3	5.0	%	February 13, 2026
	$	99.1	(3)	7 - 10	5.72	%	April 1, 2030 - April 1, 2033
Three months ended December 31, 2022	$	226.0	(4)	4 - 7	4.5	%	June 15, 2026 - December 15, 2029
Three months ended September 30, 2022	$	20.6	(5)(6)	25	3.65	%	August 10, 2047
	$	3.4	(6)	25	3.65	%	August 10, 2047

(1)Includes two newly encumbered properties.

(2)Includes five existing encumbered properties.

(3)Includes 22 existing encumbered properties.

(4)Includes 18 existing encumbered properties.

(5)Represents a construction loan (undrawn as of December 31, 2023).

(6)Represents loans jointly secured by one property.

Schedule of Extinguishment of Debt

During the years ended December 31, 2023 and 2022, we repaid the following mortgage term loans during the quarters presented below (in millions, except for statistical information):


Period	Repayment Amount			Fixed Interest Rate		Maturity Date	Loss on Extinguishment of Debt

Three months ended September 30, 2022	$	318.0	(1)	4.81	%	December 6, 2022 - September 6, 2024	$	4.0
Three months ended June 30, 2022	$	15.8		3.89	%	October 1, 2022	$	—

(1)Includes 17 mortgage term loans which were scheduled to mature from December 6, 2022 to September 6, 2024, that are secured by 35 properties.

Maturities and Amortization of Debt and Lines of Credit


	Maturities and Amortization By Year
	Total Due		2024		2025		2026		2027		2028		Thereafter
Secured Debt
Mortgage loans payable
Maturities	$	2,670.8	$	128.8	$	50.6	$	658.4	$	4.0	$	303.8	$	1,525.2
Principal amortization	825.0		56.5		54.2		46.3		40.6		43.4		584.0
Secured borrowings on collateralized receivables(1)	53.9		2.3		2.5		2.7		3.0		3.2		40.2
Total Secured Debt	3,549.7		187.6		107.3		707.4		47.6		350.4		2,149.4
Unsecured Debt
Senior unsecured notes	2,200.0		—		—		—		—		450.0		1,750.0
Line of credit and other debt	2,066.7		7.8		1,114.8		944.1		—		—		—


Total Unsecured Debt	4,266.7		7.8		1,114.8		944.1		—		450.0		1,750.0
Total Debt	$	7,816.4	$	195.4	$	1,222.1	$	1,651.5	$	47.6	$	800.4	$	3,899.4

(1)Balance at December 31, 2023 excludes fair value adjustments of $1.9 million.

Schedule of Senior Unsecured Notes


			Carrying Amount
	Principal Amount		December 31, 2023		December 31, 2022
5.7% notes, issued in January 2023 and due in January 2033(1)	$	400.0	$	395.7	$	—
4.2% notes, issued in April 2022 and due in April 2032	600.0		592.6		591.8
2.3% notes, issued in October 2021 and due in November 2028	450.0		446.8		446.2
2.7% notes, issued in June 2021 and October 2021, and due in July 2031	750.0		742.4		741.6
Total	$	2,200.0	$	2,177.5	$	1,779.6

Schedule of Interest Capitalized

Capitalized interest costs associated with construction and development activities during the years ended December 31, 2023, 2022 and 2021 were as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Interest capitalized	$	12.9	$	7.0	$	4.5

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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+ Details

Consolidated Statements of Comprehensive Income / (Loss) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement of Comprehensive Income [Abstract]
Net Income / (Loss)	$ (209.1)	$ 263.8	$ 413.8
Foreign Currency Translation
Foreign currency translation gain / (loss) arising during period	29.8	(76.9)	(0.5)
Adjustment for accumulated foreign currency translation loss reclassified into earnings	11.9	0.0	0.0
Net foreign currency translation gain / (loss)	41.7	(76.9)	(0.5)
Cash Flow Hedges:
Change in unrealized gain / (loss) on interest rate derivatives	(4.9)	64.3	0.4
Less: Interest rate derivative gain reclassified to earnings	(14.9)	(1.3)	0.0
Net unrealized gain / (loss) on interest rate derivatives	(19.8)	63.0	0.4
Total Comprehensive Income / (Loss)	(187.2)	249.9	413.7
Less: Comprehensive (income) / loss attributable to noncontrolling interests	8.3	(9.9)	(21.5)
Comprehensive Income / (Loss) attributable to SUI	$ (178.9)	$ 240.0	$ 392.2

Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Real property	$ 2,059.8	$ 1,902.2	$ 1,598.2
Home sales	419.9	465.8	280.2
Service, retail, dining and entertainment	638.9	531.6	351.8
Interest	45.4	35.2	12.2
Brokerage commissions and other, net	60.6	34.9	30.2
Total Revenues	3,224.6	2,969.7	2,272.6
Expenses
Property operating and maintenance	690.5	624.6	500.8
Real estate tax	117.4	110.6	94.8
Home costs and selling	295.4	311.2	205.8
Service, retail, dining and entertainment	585.0	472.7	307.9
General and administrative	270.2	256.8	181.3
Catastrophic event-related charges, net	3.8	17.5	2.2
Business combinations	3.0	24.7	1.4
Depreciation and amortization	660.0	601.8	522.7
Asset impairments	10.1	3.0	0.0
Goodwill impairment	369.9	0.0	0.0
Loss on extinguishment of debt (see Note 9)	0.0	4.4	8.1
Interest	325.8	229.8	158.6
Interest on mandatorily redeemable preferred OP units / equity	3.3	4.2	4.2
Total Expenses	3,334.4	2,661.3	1,987.8
Income Before Other Items	(109.8)	308.4	284.8
Gain / (loss) on remeasurement of marketable securities (see Note 16)	(16.0)	(53.4)	33.5
Gain / (loss) on foreign currency exchanges	(0.3)	5.4	(3.7)
Gain on dispositions of properties	11.0	12.2	108.1
Other expense, net	(7.5)	(2.1)	(12.1)
Gain / (loss) on remeasurement of notes receivable	(106.7)	(0.8)	0.7
Total Income from Nonconsolidated Affiliates	16.0	2.9	4.0
Loss on remeasurement of investment in nonconsolidated affiliates	(4.2)	(2.7)	(0.2)
Current tax expense (see Note 13)	(14.5)	(10.3)	(1.2)
Deferred tax benefit / (expense) (see Note 13)	22.9	4.2	(0.1)
Net Income / (Loss)	(209.1)	263.8	413.8
Less: Preferred return to preferred OP units / equity interests	12.3	11.0	12.1
Less: Income / (loss) attributable to noncontrolling interests	(8.1)	10.8	21.5
Net Income / (Loss) Attributable to SUI Common Shareholders - Basic	$ (213.3)	$ 242.0	$ 380.2
Weighted average common shares outstanding:
Weighted average common shares outstanding - basic (in shares)	123.4	120.2	112.6
Weighted average common shares outstanding - diluted (in shares)	123.8	122.9	115.1
Earnings (loss) per share:
Basic earnings/(loss) per share (in USD per share)	$ (1.71)	$ 2.00	$ 3.36
Diluted earnings/(loss) per share (in USD per share)	$ (1.72)	$ 2.00	$ 3.36

Quarterly Financial Data (Unaudited and Restated) - Consolidated Statements of Operations and Comprehensive Income / (Loss) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment		$ 44.8	$ 309.7	$ 15.4					$ 325.1	$ 369.9	$ 369.9	$ 0.0	$ 0.0
Total expenses	$ 740.9	840.6	1,084.3	668.6	$ 667.5	$ 763.1	$ 707.7	$ 523.0	1,752.9	2,593.5	3,334.4	2,661.3	1,987.8
Loss before other items	(14.2)	142.6	(220.8)	(17.4)	6.8	169.5	106.6	25.5	(238.2)	(95.6)	(109.8)	308.4	284.8
Net loss	$ (84.2)	135.6	(212.2)	(48.3)	$ 4.0	$ 177.0	$ 81.3	$ 1.5	(260.5)	(124.9)	(209.1)	263.8	413.8
Preferred return to preferred OP units / equity interests		3.4	3.2						5.6	9.0	12.3	11.0	12.1
Loss attributable to noncontrolling interests		12.1	(7.8)	(5.8)					(13.6)	(1.5)	(8.1)	10.8	21.5
Net loss attributable to SUI common shareholders		$ 120.1	$ (207.6)	$ (44.9)					$ (252.5)	$ (132.4)	$ (206.9)	$ 261.4	$ 408.3
Weighted average common shares outstanding - diluted (in shares)		123.5	126.1						126.2	123.8	123.8	122.9	115.1
Basic loss per share (in USD per share)	$ (0.65)	$ 0.97	$ (1.67)	$ (0.36)	$ 0.04	$ 1.32	$ 0.61	$ 0.01	$ (2.03)	$ (1.06)	$ (1.71)	$ 2.00	$ 3.36
Diluted loss per share (in USD per share)	$ (0.65)	$ 0.97	$ (1.68)	$ (0.36)	$ 0.04	$ 1.32	$ 0.61	$ 0.01	$ (2.04)	$ (1.07)	$ (1.72)	$ 2.00	$ 3.36
Foreign currency translation gain arising during period		$ (12.9)	$ 14.3	$ 16.9					$ 31.2	$ 18.3	$ 29.8	$ (76.9)	$ (0.5)
Net foreign currency translation gain		(12.9)	14.3	28.8					43.1	30.2	41.7	(76.9)	(0.5)
Total Comprehensive Loss		114.5	(182.1)	(30.4)					(212.5)	(98.0)	(187.2)	249.9	413.7
Less: Comprehensive loss attributable to noncontrolling interests		(10.8)	6.5	5.2					11.7	0.9	8.3	(9.9)	(21.5)
Comprehensive loss attributable to SUI		103.7	(175.6)	(25.2)					(200.8)	(97.1)	$ (178.9)	$ 240.0	$ 392.2
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment		0.0	0.0	0.0					0.0	0.0
Total expenses		795.8	774.6	653.2					1,427.8	2,223.6
Loss before other items		187.4	88.9	(2.0)					86.9	274.3
Net loss		180.4	97.5	(32.9)					64.6	245.0
Preferred return to preferred OP units / equity interests		3.3	3.3						5.7	9.0
Loss attributable to noncontrolling interests		14.0	4.4	(5.2)					(0.8)	13.2
Net loss attributable to SUI common shareholders		$ 163.1	$ 89.8	$ (30.1)					$ 59.7	$ 222.8
Weighted average common shares outstanding - diluted (in shares)		123.5	123.4						123.4	123.4
Basic loss per share (in USD per share)		$ 1.31	$ 0.72	$ (0.24)					$ 0.48	$ 1.79
Diluted loss per share (in USD per share)		$ 1.31	$ 0.72	$ (0.24)					$ 0.48	$ 1.79
Foreign currency translation gain arising during period		$ (25.5)	$ 15.4	$ 17.2					$ 32.6	$ 7.1
Net foreign currency translation gain		(25.5)	15.4	29.1					44.5	19.0
Total Comprehensive Loss		146.7	128.7	(14.7)					114.0	260.7
Less: Comprehensive loss attributable to noncontrolling interests		(12.7)	(5.7)	4.6					(1.1)	(13.8)
Comprehensive loss attributable to SUI		134.0	123.0	(10.1)					112.9	246.9
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill impairment		44.8	309.7	15.4					325.1	369.9
Total expenses		44.8	309.7	15.4					325.1	369.9
Loss before other items		(44.8)	(309.7)	(15.4)					(325.1)	(369.9)
Net loss		(44.8)	(309.7)	(15.4)					(325.1)	(369.9)
Preferred return to preferred OP units / equity interests		0.1	(0.1)						(0.1)	0.0
Loss attributable to noncontrolling interests		(1.9)	(12.2)	(0.6)					(12.8)	(14.7)
Net loss attributable to SUI common shareholders		$ (43.0)	$ (297.4)	$ (14.8)					$ (312.2)	$ (355.2)
Weighted average common shares outstanding - diluted (in shares)		0.0	2.7						2.8	0.4
Basic loss per share (in USD per share)		$ (0.34)	$ (2.39)	$ (0.12)					$ (2.51)	$ (2.85)
Diluted loss per share (in USD per share)		$ (0.34)	$ (2.40)	$ (0.12)					$ (2.52)	$ (2.86)
Foreign currency translation gain arising during period		$ 12.6	$ (1.1)	$ (0.3)					$ (1.4)	$ 11.2
Net foreign currency translation gain		12.6	(1.1)	(0.3)					(1.4)	11.2
Total Comprehensive Loss		(32.2)	(310.8)	(15.7)					(326.5)	(358.7)
Less: Comprehensive loss attributable to noncontrolling interests		1.9	12.2	0.6					12.8	14.7
Comprehensive loss attributable to SUI		$ (30.3)	$ (298.6)	$ (15.1)					$ (313.7)	$ (344.0)

Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Significant Accounting Policies [Line Items]
Secured borrowings on collateralized receivables - fair value adjustment	$ 1.9	$ 0.0
Total deferred financing costs, discounts, premiums and fair value adjustments	(48.2)	(51.0)
Revolving Credit Facility
Significant Accounting Policies [Line Items]
Lines of credit - deferred financing costs	1.6	3.0
Total deferred financing costs, discounts, premiums and fair value adjustments	(39.1)	(37.9)
Revolving Credit Facility \| Other Assets
Significant Accounting Policies [Line Items]
Lines of credit - deferred financing costs	9.1	13.1
Mortgage loans payable
Significant Accounting Policies [Line Items]
Discount (premium)	0.0	0.1
Deferred financing costs	(16.9)	(14.6)
Senior unsecured notes
Significant Accounting Policies [Line Items]
Discount (premium)	(6.5)	(6.1)
Deferred financing costs	$ (16.0)	$ (14.3)

Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Assets
Land	$ 4,278.2	$ 4,322.3
Land improvements and buildings	11,682.2	10,903.4
Rental homes and improvements	744.4	645.2
Furniture, fixtures and equipment	1,011.7	839.0
Investment property	17,716.5	16,709.9
Accumulated depreciation	(3,272.9)	(2,738.9)
Investment property, net	14,443.6	13,971.0
Cash, cash equivalents and restricted cash	42.7	90.4
Marketable securities	0.0	127.3
Inventory of manufactured homes	205.6	202.7
Notes and other receivables, net	421.6	617.3
Collateralized receivables, net (see Note 5)	56.2	0.0
Goodwill	733.0	1,018.4
Other intangible assets, net (see Note 8 at VIEs)	369.5	402.0
Other assets, net (see Note 8 at VIEs)	668.5	655.1
Total Assets	16,940.7	17,084.2
Liabilities
Mortgage loans payable (see Note 9; Note 8 at VIEs)	3,478.9	3,217.8
Secured borrowings on collateralized receivables	55.8	0.0
Unsecured debt (see Note 9; Note 8 at VIEs)	4,242.6	3,979.4
Distributions payable	118.2	111.3
Advanced reservation deposits and rent	344.5	352.1
Accrued expenses and accounts payable (see Note 8 at VIEs)	313.7	396.3
Other liabilities (see Note 8 at VIEs)	953.1	935.9
Total Liabilities	9,506.8	8,992.8
Commitments and contingencies (see Note 17)
Temporary equity (see Note 10; Note 8 at VIEs)	260.9	202.9
Shareholders' Equity
Common stock, $0.01 par value. Authorized: 360.0 shares; Issued and outstanding: 124.4 at December 31, 2023 and 124.0 at December 31, 2022	1.2	1.2
Additional paid-in capital	9,466.9	9,549.7
Accumulated other comprehensive income / (loss)	12.2	(9.9)
Distributions in excess of accumulated earnings	(2,397.5)	(1,731.2)
Total SUI shareholders' equity	7,082.8	7,809.8
Noncontrolling interests
Common and preferred OP units	90.2	78.7
Total noncontrolling interests	90.2	78.7
Total Shareholders' Equity	7,173.0	7,888.5
Total Liabilities, Temporary Equity and Shareholders' Equity	$ 16,940.7	$ 17,084.2

Notes and Other Receivables

12 Months Ended

Dec. 31, 2023

Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]

Notes and Other Receivables

4. Notes and Other Receivables

The following table sets forth certain information regarding notes and other receivables (in millions):


	December 31, 2023		December 31, 2022
Installment notes receivable on manufactured homes, net	$	19.6	$	65.9
Notes receivable from real estate developers and operators	134.5		305.2
Other receivables, net	267.5		246.2
Total Notes and Other Receivables, net	$	421.6	$	617.3

Installment Notes Receivable on Manufactured Homes

Installment notes receivable are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820, "Fair Value Measurements and Disclosures." During the three months ended December 31, 2023, we transferred a group of installment notes receivable to an unrelated party. Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets," for additional details. The balances of installment notes receivable of $19.6 million (gross installment notes receivable of $20.4 million less fair value adjustment of $0.8 million) and $65.9 million (gross installment notes receivable of $67.3 million less fair value adjustment of $1.4 million) as of December 31, 2023 and 2022, respectively, are secured by manufactured homes. The notes represent financing to purchasers of manufactured homes located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate (net of servicing costs) and maturity of 6.9% and 17.2 years as of December 31, 2023, and 7.6% and 13.8 years as of December 31, 2022. Refer to Note 16, "Fair Value of Financial Instruments," for additional details.

Notes Receivable from Real Estate Developers and Operators

Notes receivable from real estate developers and operators are measured at fair value, using indicative pricing models from third party valuation specialists, in accordance with ASC Topic 820, "Fair Value Measurements and Disclosures." Refer to Note 16, "Fair Value of Financial Instruments," for additional information.

Note Receivable from a Real Estate Operator

The note receivable from a real estate operator is comprised of a fully drawn loan provided to Royale Holdings Group HoldCo Limited, a real estate development owner and operator in the UK, and certain other parties, to fund investing and financing activities (the "Note").

As of December 31, 2022, the Note balance, which includes accrued interest, was $217.6 million. There were no remeasurement adjustments to the fair value of the Note during the year ended December 31, 2022. At December 31, 2022, the Note had a net weighted average interest rate of 15.3% and maturity of 0.1 years. The Note was collateralized by a first-priority security interest in three real estate assets and three MH manufacturers in the UK. The real estate assets consisted of MH development properties that comprised a significant majority of the total appraised value of all collateral securing the Note.

After the maturity date of July 31, 2023, the Note became past due. On September 29, 2023, we appointed receivers over the real estate assets. The receivers marketed the real estate assets for sale during the fourth quarter of 2023. Upon completion of the marketing process, on December 28, 2023, we appointed administrators over the real estate assets and acquired such assets through a credit bid. During the fourth quarter, we engaged third party valuation specialists to appraise the real estate assets in accordance with ASC 820. The appraisals were completed using the discounted cash flow method (income approach), with the significant assumptions being estimated absorption rate, sale price and discount rate. The real estate assets appraised at fair value totaling $263.8 million. The Note balance was reduced by this amount, with an offsetting adjustment to Investment Property on our Consolidated Balance Sheets as of December 31, 2023.

As of December 31, 2023, the balance remaining on the Note, which was in nonaccrual status, collateralized by a first-priority security interest in three MH manufacturers in the UK, was adjusted to fair value totaling $10.8 million (gross notes receivable of $114.3 million, inclusive of accrued interest of $10.4 million, less a fair value adjustment of $103.5 million). The note had a weighted average interest rate of 12.5% as of December 31, 2023. Refer to Note 21, "Subsequent Events," for information regarding settlement of the remaining note balance.

Notes Receivable from Real Estate Developers

Other acquisition and construction loans provided to real estate developers total $123.7 million with a net weighted average interest rate and maturity of 9.2% and 2.6 years as of December 31, 2023, and total $87.6 million with a net weighted average interest rate and maturity of 7.8% and 2.3 years as of December 31, 2022. As of December 31, 2023, the additional acquisition and construction loans provided to real estate developers have $39.5 million of undrawn funds. There were no adjustments to the fair value of notes receivable from real estate developers during the years ended December 31, 2023 and 2022.

Other Receivables, net

Other receivables, net were comprised of amounts due from the following categories (in millions):


	December 31, 2023		December 31, 2022
Insurance receivables	$	77.8	$	78.0
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(1)	65.9		61.5
Marina customers for storage, service and lease payments, net(2)	46.8		41.8
Home sale proceeds	28.2		28.9
Other receivables(3)	48.8		36.0
Total Other Receivables, net	$	267.5	$	246.2

(1)Net of allowance of $4.8 million and $5.9 million as of December 31, 2023 and 2022, respectively.

(2)Net of allowance of $2.9 million and $2.2 million as of December 31, 2023 and 2022, respectively.

(3) Includes receivable from Rezplot Systems LLC, a nonconsolidated affiliate, in which we had a zero and 48.9% ownership interest as of December 31, 2023 and 2022, respectively. In June 2020, we made a convertible secured loan to Rezplot Systems LLC. The note allows for a principal amount of up to $10.0 million to be drawn down over a period of three years, bears an interest rate of 3.0%, matures in June 2024, and is secured by all the assets of Rezplot Systems LLC. In January 2022, we made an additional loan to Rezplot Systems LLC that allows for a principal amount of up to $5.0 million to be drawn over a period of three years, bears an interest rate of 3.0% and matures in January 2025. In December 2023, in conjunction with the sale of our equity interest, we settled the outstanding note receivable balance of $12.2 million as part of a transaction with our joint venture partner in Sun NG. The outstanding balance was $12.7 million as of December 31, 2022. Refer to Note 7, "Investments in Nonconsolidated Affiliates," for additional information on Rezplot Systems LLC, and Note 8, "Consolidated Variable Interest Entities," for more information on the transaction with our joint venture partner in Sun NG.

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

12. Segment Reporting

We group our segments into reportable segments that provide similar products and services. Each operating segment has discrete financial information evaluated regularly by our chief operating decision maker in managing the business, making operating decisions, allocating resources and evaluating operating performance. As described in Note 1, "Significant Accounting Policies," our three reportable segments are: (i) MH communities, (ii) RV communities and (iii) Marinas. Hybrid properties are classified to a segment based on the predominant site counts at the properties. We evaluate segment operating performance based on NOI.

A presentation of our segment financial information is summarized as follows (amounts in millions):


	Year Ended
	December 31, 2023								December 31, 2022								December 31, 2021
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Operating revenues	$	1,487.4	$	698.4	$	932.8	$	3,118.6	$	1,422.8	$	689.9	$	786.9	$	2,899.6	$	1,059.7	$	606.4	$	564.1	$	2,230.2
Operating expenses / Cost of sales	709.0		358.5		620.8		1,688.3		661.1		359.6		498.4		1,519.1		438.7		318.8		351.8		1,109.3
NOI	$	778.4	$	339.9	$	312.0	$	1,430.3	$	761.7	$	330.3	$	288.5	$	1,380.5	$	621.0	$	287.6	$	212.3	$	1,120.9
Adjustments to arrive at net income
Interest income							45.4								35.2								12.2
Brokerage commissions and other revenues, net							60.6								34.9								30.2
General and administrative expense							(270.2)								(256.8)								(181.3)
Catastrophic event-related charges, net							(3.8)								(17.5)								(2.2)
Business combination expense, net							(3.0)								(24.7)								(1.4)
Depreciation and amortization							(660.0)								(601.8)								(522.7)
Asset impairments							(10.1)								(3.0)								—
Goodwill impairment							(369.9)								—								—
Loss on extinguishment of debt (see Note 9)							—								(4.4)								(8.1)
Interest expense							(325.8)								(229.8)								(158.6)
Interest on mandatorily redeemable preferred OP units / equity							(3.3)								(4.2)								(4.2)
Gain / (loss) on remeasurement of marketable securities							(16.0)								(53.4)								33.5
Gain / (loss) on foreign currency exchanges							(0.3)								5.4								(3.7)
Gain on dispositions of properties							11.0								12.2								108.1
Other expense, net							(7.5)								(2.1)								(12.1)
Gain / (loss) on remeasurement of notes receivable							(106.7)								(0.8)								0.7
Income from nonconsolidated affiliates (see Note 7)							16.0								2.9								4.0
Loss on remeasurement of investment in nonconsolidated affiliates							(4.2)								(2.7)								(0.2)
Current tax expense (see Note 13)							(14.5)								(10.3)								(1.2)
Deferred tax benefit / (expense) (see Note 13)							22.9								4.2								(0.1)
Net Income / (Loss)							(209.1)								263.8								413.8
Less: Preferred return to preferred OP units / equity interests							12.3								11.0								12.1
Less: Income attributable to noncontrolling interests							(8.1)								10.8								21.5



Net Income / (Loss) Attributable to SUI Common Shareholders							$	(213.3)							$	242.0							$	380.2


	December 31, 2023								December 31, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Identifiable Assets
Investment property, net	$	7,510.3	$	3,718.8	$	3,214.5	$	14,443.6	$	7,181.7	$	3,744.3	$	3,045.0	$	13,971.0
Cash, cash equivalents and restricted cash	24.5		11.8		6.4		42.7		49.4		30.3		10.7		90.4
Marketable securities	—		—		—		—		82.4		44.9		—		127.3
Inventory of manufactured homes	181.3		24.3		—		205.6		189.1		13.6		—		202.7
Notes and other receivables, net	247.6		119.7		54.3		421.6		475.2		96.5		45.6		617.3
Collateralized receivables, net	56.2		—		—		56.2		—		—		—		—
Goodwill	182.0		9.5		541.5		733.0		467.4		9.5		541.5		1,018.4
Other intangible assets, net	88.3		29.0		252.2		369.5		97.9		32.6		271.5		402.0
Other assets, net	380.2		47.6		240.7		668.5		356.1		63.0		236.0		655.1
Total Assets	$	8,670.4	$	3,960.7	$	4,309.6	$	16,940.7	$	8,899.2	$	4,034.7	$	4,150.3	$	17,084.2

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//280/tableOfContent

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-26

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-34

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-21

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

+ Details

Collateralized Receivables and Transfers of Financial Assets - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash proceeds from transfer of installment notes receivable	$ 53.4
Future cash payment	1.1
Collateralized receivables, net	56.2	$ 0.0
Secured borrowings on collateralized receivables	55.8	$ 0.0
Secured borrowings on collateralized receivables, gross	$ 53.9
Weighted Average Interest Rates	4.234%	3.746%
Weighted Average Years to Maturity	6 years 9 months 18 days	7 years 4 months 24 days
Revolving Credit Facility
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Interest Rates	5.428%	4.417%
Weighted Average Years to Maturity	1 year 8 months 12 days	2 years 9 months 18 days
Secured Borrowings
Accounts, Notes, Loans and Financing Receivable [Line Items]
Weighted Average Interest Rates	8.556%
Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Collateralized receivables, net	$ 56.2
Gross collateralized receivable	59.1
Collateralized Receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income (expense)	0.6
Fair Value, Recurring \| Installment notes receivable on manufactured homes, net
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fair value adjustment	$ (2.9)

Fair Value of Financial Instruments - Schedule of Fair Value Measurements (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Assets
Gain / (loss) on foreign currency exchanges	$ (0.3)	$ 5.4	$ (3.7)
Liabilities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) On Remeasurement Of Note Receivable	Gain (Loss) On Remeasurement Of Note Receivable
Derivative Liability Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	true
Secured Borrowing on Collateralized Receivables
Liabilities
Level 3 beginning balance	$ 0.0
Level 3 ending balance	55.8	$ 0.0
Secured Borrowing on Collateralized Receivables \| Significant Unobservable Inputs (Level 3)
Liabilities
Sales and settlements	(0.6)	0.0
Other Liabilities (Contingent Consideration)
Liabilities
Level 3 beginning balance	20.2
Level 3 ending balance	20.2	20.2
Other Liabilities (Contingent Consideration) \| Significant Unobservable Inputs (Level 3)
Liabilities
Sales and settlements	0.0	0.0
Fair Value, Recurring \| Reported Value Measurement
Assets
Level 3 beginning balance	620.8
Level 3 ending balance	264.7	620.8
Fair Value, Recurring \| Estimate of Fair Value Measurement
Assets
Level 3 beginning balance	620.8
Level 3 ending balance	264.7	620.8
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Estimate of Fair Value Measurement
Assets
Level 3 beginning balance	371.1
Level 3 ending balance	210.3	371.1
Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Estimate of Fair Value Measurement
Assets
Level 3 beginning balance	217.7
Level 3 ending balance	42.7	217.7
Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Estimate of Fair Value Measurement
Assets
Level 3 beginning balance	32.0
Level 3 ending balance	11.7	32.0
Fair Value, Recurring \| Secured Borrowing on Collateralized Receivables \| Significant Unobservable Inputs (Level 3)
Liabilities
Level 3 beginning balance	0.0	0.0
Realized losses	1.9	0.0
Purchases and issuances	54.5	0.0
Other adjustments	0.0	0.0
Level 3 ending balance		0.0	0.0
Fair Value, Recurring \| Other Liabilities (Contingent Consideration) \| Significant Unobservable Inputs (Level 3)
Liabilities
Level 3 beginning balance	20.2	20.2
Realized losses	0.0	0.0
Purchases and issuances	0.0	0.0
Other adjustments	0.0	0.0
Level 3 ending balance		20.2	20.2
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Assets
Level 3 beginning balance	65.9	79.1
Gain / (loss) on foreign currency exchanges	0.0	0.0
Level 3 ending balance	19.6	65.9	79.1
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Realized gains / (losses) \| Significant Unobservable Inputs (Level 3)
Assets
Realized gains / (losses)	(3.8)	(0.8)
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Purchases and issuances \| Significant Unobservable Inputs (Level 3)
Assets
Purchases and issuances	22.0	1.0
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Sales and settlements \| Significant Unobservable Inputs (Level 3)
Assets
Sales and settlements	(9.2)	(13.4)
Installment notes receivable on manufactured homes, net \| Fair Value, Recurring \| Other adjustments \| Significant Unobservable Inputs (Level 3)
Assets
Other adjustments	(55.3)	0.0
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Assets
Level 3 beginning balance	305.2	284.0
Gain / (loss) on foreign currency exchanges	19.7	(23.3)
Level 3 ending balance	134.5	305.2	284.0
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Realized gains / (losses) \| Significant Unobservable Inputs (Level 3)
Assets
Realized gains / (losses)	(102.9)	0.0
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Purchases and issuances \| Significant Unobservable Inputs (Level 3)
Assets
Purchases and issuances	187.4	79.3
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Sales and settlements \| Significant Unobservable Inputs (Level 3)
Assets
Sales and settlements	(275.0)	(34.9)
Notes Receivable From Real Estate Developers and Operators \| Fair Value, Recurring \| Other adjustments \| Significant Unobservable Inputs (Level 3)
Assets
Other adjustments	0.1	0.1
Collateralized Receivables, net \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Assets
Level 3 beginning balance	0.0
Gain / (loss) on foreign currency exchanges	0.0
Level 3 ending balance	56.2	0.0
Collateralized Receivables, net \| Fair Value, Recurring \| Realized gains / (losses) \| Significant Unobservable Inputs (Level 3)
Assets
Realized gains / (losses)	1.5
Collateralized Receivables, net \| Fair Value, Recurring \| Purchases and issuances \| Significant Unobservable Inputs (Level 3)
Assets
Purchases and issuances	0.0
Collateralized Receivables, net \| Fair Value, Recurring \| Sales and settlements \| Significant Unobservable Inputs (Level 3)
Assets
Sales and settlements	(0.6)
Collateralized Receivables, net \| Fair Value, Recurring \| Other adjustments \| Significant Unobservable Inputs (Level 3)
Assets
Other adjustments	55.3
Warrants \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Assets
Level 3 beginning balance	0.0	0.0
Gain / (loss) on foreign currency exchanges	0.0	0.0
Level 3 ending balance	0.0	0.0	$ 0.0
Warrants \| Fair Value, Recurring \| Realized gains / (losses) \| Significant Unobservable Inputs (Level 3)
Assets
Realized gains / (losses)	(0.4)	(3.4)
Warrants \| Fair Value, Recurring \| Purchases and issuances \| Significant Unobservable Inputs (Level 3)
Assets
Purchases and issuances	0.4	3.4
Warrants \| Fair Value, Recurring \| Sales and settlements \| Significant Unobservable Inputs (Level 3)
Assets
Sales and settlements	0.0	0.0
Warrants \| Fair Value, Recurring \| Other adjustments \| Significant Unobservable Inputs (Level 3)
Assets
Other adjustments	$ 0.0	$ 0.0

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets
NOL carryforwards	$ 28.7	$ 25.9	$ 26.2
Depreciation and basis differences	27.4	26.0	23.7
Restricted interest carryforwards	51.9	25.2	0.0
Other	5.4	4.9	0.1
Gross deferred tax assets	113.4	82.0	50.0
Valuation allowance	(55.3)	(49.8)	(47.0)
Net deferred tax assets	58.1	32.2	3.0
Deferred Tax Liabilities
Basis differences - US assets	0.0	0.0	(1.2)
Basis differences - foreign investment	(335.2)	(340.8)	(22.5)
Gross deferred tax liabilities	(335.2)	(340.8)	(23.7)
Net Deferred Tax Liability	$ (277.1)	$ (308.6)	$ (20.7)

Cover Page - USD ($)	12 Months Ended
Cover Page - USD ($)	Dec. 31, 2023	Feb. 20, 2024	Jun. 30, 2023
Cover Page [Abstract]
Document Type	10-K
Document Period End Date	Dec. 31, 2023
Current Fiscal Year End Date	--12-31
Entity File Number	1-12616
Entity Registrant Name	SUN COMMUNITIES, INC
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	38-2730780
Entity Address, Address Line One	27777 Franklin Rd,
Entity Address, Address Line Two	Suite 300,
Entity Address, City or Town	Southfield,
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48034
City Area Code	248
Local Phone Number	208-2500
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	SUI
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 15,934,604,486
Entity Common Stock, Shares Outstanding		124,412,183
Documents Incorporated by Reference	Unless provided in an amendment to this Annual Report on Form 10-K, the information required by Part III is incorporated by reference to the Registrant's proxy statement to be filed pursuant to Regulation 14A, with respect to the Registrant's 2024 annual meeting of shareholders.
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Central Index Key	0000912593
Document Annual Report	true
Document Transition Report	false

Segment Reporting (Details) $ in Millions	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
Segment Reporting (Details) $ in Millions	Dec. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment											3
Operating revenues	$ 726.7	$ 983.2	$ 863.5	$ 651.2	$ 674.3	$ 932.6	$ 814.3	$ 548.5			$ 3,224.6	$ 2,969.7	$ 2,272.6
Adjustments to arrive at net income
Interest											45.4	35.2	12.2
Brokerage commissions and other, net											60.6	34.9	30.2
General and administrative expense											(270.2)	(256.8)	(181.3)
Catastrophic event-related charges, net											(3.8)	(17.5)	(2.2)
Business combinations											(3.0)	(24.7)	(1.4)
Depreciation and amortization											(660.0)	(601.8)	(522.7)
Asset impairments	(7.0)										(10.1)	(3.0)	0.0
Goodwill impairment		(44.8)	(309.7)	(15.4)					$ (325.1)	$ (369.9)	(369.9)	0.0	0.0
Loss on extinguishment of debt (see Note 9)											0.0	(4.4)	(8.1)
Interest expense											(325.8)	(229.8)	(158.6)
Interest on mandatorily redeemable preferred OP units / equity											(3.3)	(4.2)	(4.2)
Gain / (loss) on remeasurement of marketable securities (see Note 16)											(16.0)	(53.4)	33.5
Gain / (loss) on foreign currency exchanges											(0.3)	5.4	(3.7)
Gain on dispositions of properties											11.0	12.2	108.1
Other expense, net											(7.5)	(2.1)	(12.1)
Gain / (loss) on remeasurement of notes receivable											(106.7)	(0.8)	0.7
Total Income from Nonconsolidated Affiliates											16.0	2.9	4.0
Loss on remeasurement of investment in nonconsolidated affiliates											(4.2)	(2.7)	(0.2)
Current tax expense (see Note 13)											(14.5)	(10.3)	(1.2)
Deferred tax (benefit) expense											22.9	4.2	(0.1)
Net Income / (Loss)	(84.2)	135.6	(212.2)	(48.3)	4.0	177.0	81.3	1.5	(260.5)	(124.9)	(209.1)	263.8	413.8
Less: Preferred return to preferred OP units / equity interests											12.3	11.0	12.1
Less: Income / (loss) attributable to noncontrolling interests		12.1	(7.8)	(5.8)					(13.6)	(1.5)	(8.1)	10.8	21.5
Net income / (loss) attributable to SUI common shareholders	(80.9)	120.1	(207.6)	(44.9)	4.7	$ 162.6	$ 74.0	$ 0.7			(213.3)	242.0	380.2
Identifiable Assets
Investment property, net	14,443.6				13,971.0						14,443.6	13,971.0
Cash, cash equivalents and restricted cash	42.7				90.4						42.7	90.4	78.2	$ 92.6
Marketable securities	0.0				127.3						0.0	127.3
Inventory of manufactured homes	205.6				202.7						205.6	202.7
Notes and other receivables, net	421.6				617.3						421.6	617.3
Collateralized receivables, net	56.2				0.0						56.2	0.0
Goodwill	733.0	725.4	777.7	1,076.9	1,018.4				777.7	725.4	733.0	1,018.4	495.4
Other intangible assets, net	369.5				402.0						369.5	402.0
Other assets, net (see Note 8 at VIEs)	668.5				655.1						668.5	655.1
Total Assets	16,940.7	$ 17,246.6	$ 17,234.9	$ 17,348.1	17,084.2				$ 17,234.9	$ 17,246.6	16,940.7	17,084.2
MH
Segment Reporting Information [Line Items]
Operating revenues											1,557.9	1,474.7	1,082.6
Adjustments to arrive at net income
Interest											39.9	32.1	10.0
Brokerage commissions and other, net											30.6	19.8	12.9
Identifiable Assets
Investment property, net	7,510.3				7,181.7						7,510.3	7,181.7
Cash, cash equivalents and restricted cash	24.5				49.4						24.5	49.4
Marketable securities	0.0				82.4						0.0	82.4
Inventory of manufactured homes	181.3				189.1						181.3	189.1
Notes and other receivables, net	247.6				475.2						247.6	475.2
Collateralized receivables, net	56.2				0.0						56.2	0.0
Goodwill	182.0				467.4						182.0	467.4	0.0
Other intangible assets, net	88.3				97.9						88.3	97.9
Other assets, net (see Note 8 at VIEs)	380.2				356.1						380.2	356.1
Total Assets	8,670.4				8,899.2						8,670.4	8,899.2
RV
Segment Reporting Information [Line Items]
Operating revenues											726.3	706.5	624.6
Adjustments to arrive at net income
Interest											4.9	2.9	2.2
Brokerage commissions and other, net											23.0	13.7	16.0
Identifiable Assets
Investment property, net	3,718.8				3,744.3						3,718.8	3,744.3
Cash, cash equivalents and restricted cash	11.8				30.3						11.8	30.3
Marketable securities	0.0				44.9						0.0	44.9
Inventory of manufactured homes	24.3				13.6						24.3	13.6
Notes and other receivables, net	119.7				96.5						119.7	96.5
Collateralized receivables, net	0.0				0.0						0.0	0.0
Goodwill	9.5				9.5						9.5	9.5	0.0
Other intangible assets, net	29.0				32.6						29.0	32.6
Other assets, net (see Note 8 at VIEs)	47.6				63.0						47.6	63.0
Total Assets	3,960.7				4,034.7						3,960.7	4,034.7
Marina
Segment Reporting Information [Line Items]
Operating revenues											940.4	788.5	565.4
Adjustments to arrive at net income
Interest											0.6	0.2	0.0
Brokerage commissions and other, net											7.0	1.4	1.3
Identifiable Assets
Investment property, net	3,214.5				3,045.0						3,214.5	3,045.0
Cash, cash equivalents and restricted cash	6.4				10.7						6.4	10.7
Marketable securities	0.0				0.0						0.0	0.0
Inventory of manufactured homes	0.0				0.0						0.0	0.0
Notes and other receivables, net	54.3				45.6						54.3	45.6
Collateralized receivables, net	0.0				0.0						0.0	0.0
Goodwill	541.5				541.5						541.5	541.5	495.4
Other intangible assets, net	252.2				271.5						252.2	271.5
Other assets, net (see Note 8 at VIEs)	240.7				236.0						240.7	236.0
Total Assets	$ 4,309.6				$ 4,150.3						4,309.6	4,150.3
Operating Segments
Segment Reporting Information [Line Items]
Operating revenues											3,118.6	2,899.6	2,230.2
Operating expenses / Cost of sales											1,688.3	1,519.1	1,109.3
NOI											1,430.3	1,380.5	1,120.9
Adjustments to arrive at net income
Goodwill impairment											(369.9)
Operating Segments \| MH
Segment Reporting Information [Line Items]
Operating revenues											1,487.4	1,422.8	1,059.7
Operating expenses / Cost of sales											709.0	661.1	438.7
NOI											778.4	761.7	621.0
Adjustments to arrive at net income
Goodwill impairment											(369.9)
Operating Segments \| RV
Segment Reporting Information [Line Items]
Operating revenues											698.4	689.9	606.4
Operating expenses / Cost of sales											358.5	359.6	318.8
NOI											339.9	330.3	287.6
Adjustments to arrive at net income
Goodwill impairment											0.0
Operating Segments \| Marina
Segment Reporting Information [Line Items]
Operating revenues											932.8	786.9	564.1
Operating expenses / Cost of sales											620.8	498.4	351.8
NOI											312.0	288.5	212.3
Adjustments to arrive at net income
Goodwill impairment											0.0
Segment Reconciling Items
Adjustments to arrive at net income
General and administrative expense											(270.2)	(256.8)	(181.3)
Catastrophic event-related charges, net											(3.8)	(17.5)	(2.2)
Business combinations											(3.0)	(24.7)	(1.4)
Depreciation and amortization											(660.0)	(601.8)	(522.7)
Asset impairments											(10.1)	(3.0)	0.0
Loss on extinguishment of debt (see Note 9)											0.0	(4.4)	(8.1)
Interest expense											(325.8)	(229.8)	(158.6)
Interest on mandatorily redeemable preferred OP units / equity											(3.3)	(4.2)	(4.2)
Gain / (loss) on remeasurement of marketable securities (see Note 16)											(16.0)	(53.4)	33.5
Gain / (loss) on foreign currency exchanges											(0.3)	5.4	(3.7)
Gain on dispositions of properties											11.0	12.2	108.1
Other expense, net											(7.5)	(2.1)	(12.1)
Gain / (loss) on remeasurement of notes receivable											(106.7)	(0.8)	0.7
Total Income from Nonconsolidated Affiliates											16.0	2.9	4.0
Loss on remeasurement of investment in nonconsolidated affiliates											(4.2)	(2.7)	(0.2)
Current tax expense (see Note 13)											(14.5)	(10.3)	(1.2)
Deferred tax (benefit) expense											$ 22.9	$ 4.2	$ (0.1)

Quarterly Financial Data (Unaudited and Restated) - Summary of Quarterly Financial Results (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								6 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Text Block [Abstract]
Total revenues	$ 726.7	$ 983.2	$ 863.5	$ 651.2	$ 674.3	$ 932.6	$ 814.3	$ 548.5			$ 3,224.6	$ 2,969.7	$ 2,272.6
Total expenses	740.9	840.6	1,084.3	668.6	667.5	763.1	707.7	523.0	$ 1,752.9	$ 2,593.5	3,334.4	2,661.3	1,987.8
Income Before Other Items	(14.2)	142.6	(220.8)	(17.4)	6.8	169.5	106.6	25.5	(238.2)	(95.6)	(109.8)	308.4	284.8
Net Income / (Loss)	(84.2)	135.6	(212.2)	(48.3)	4.0	177.0	81.3	1.5	$ (260.5)	$ (124.9)	(209.1)	263.8	413.8
Net income / (loss) attributable to SUI common shareholders	$ (80.9)	$ 120.1	$ (207.6)	$ (44.9)	$ 4.7	$ 162.6	$ 74.0	$ 0.7			$ (213.3)	$ 242.0	$ 380.2
Basic earnings/(loss) per share (in USD per share)	$ (0.65)	$ 0.97	$ (1.67)	$ (0.36)	$ 0.04	$ 1.32	$ 0.61	$ 0.01	$ (2.03)	$ (1.06)	$ (1.71)	$ 2.00	$ 3.36
Diluted earnings/(loss) per share (in USD per share)	$ (0.65)	$ 0.97	$ (1.68)	$ (0.36)	$ 0.04	$ 1.32	$ 0.61	$ 0.01	$ (2.04)	$ (1.07)	$ (1.72)	$ 2.00	$ 3.36

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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Real Estate Acquisitions and Dispositions - Pro Forma (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended								12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Total revenues	$ 726.7	$ 983.2	$ 863.5	$ 651.2	$ 674.3	$ 932.6	$ 814.3	$ 548.5	$ 3,224.6	$ 2,969.7	$ 2,272.6
Net income	$ (80.9)	$ 120.1	$ (207.6)	$ (44.9)	$ 4.7	$ 162.6	$ 74.0	$ 0.7	$ (213.3)	242.0	380.2
Total revenues										3,091.3	2,726.4
Net income attributable to SUI common shareholders										$ 241.2	$ 440.5
Net income per share attributable to SUI common shareholders - basic (in dollars per share)										$ 1.99	$ 3.89
Net income per share attributable to SUI common shareholders - diluted (in dollars per share)										$ 1.99	$ 3.88
Cabrillo Isle and Emerald Coast
Business Acquisition [Line Items]
Total revenues										$ 353.6
Net income										$ 13.8

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Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 11
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-11

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended			6 Months Ended	9 Months Ended	12 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2023	Sep. 30, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill impairment	$ 44.8	$ 309.7	$ 15.4	$ 325.1	$ 369.9	$ 369.9	$ 0.0	$ 0.0

Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Schedule of Shares Granted

During the years ended December 31, 2023 and 2022, shares were granted as follows:


Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type
2023	Key Employees	2015 Equity Incentive Plan	220,858	$	137.14	(1)	Time Based
2023	Executive Officers	2015 Equity Incentive Plan	62,800	$	144.88	(1)	Time Based
2023	Executive Officers	2015 Equity Incentive Plan	82,200	$	108.60	(2)	Market Condition(3)
2023	Directors	2004 Non-Employee Director Option Plan	16,000	$	148.12	(1)	Time Based
2022	Key Employees	2015 Equity Incentive Plan	203,210	$	179.23	(1)	Time Based
2022	Executive Officers	2015 Equity Incentive Plan	66,000	$	178.20	(1)	Time Based
2022	Executive Officers	2015 Equity Incentive Plan	91,500	$	124.88	(2)	Market Condition(3)
2022	Directors	2004 Non-Employee Director Option Plan	11,900	$	197.00	(1)	Time Based

(1)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.

(2)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded.

(3)Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest using a Monte Carlo simulation to determine fair value.

Schedule of Restricted Stock Activity

The following table summarizes our restricted stock activity for the years ended December 31, 2023, 2022 and 2021 (in millions, except share and per share data):


	Number of Shares	Weighted Average Grant Date Fair Value		Fair Value of Shares Vested
Unvested restricted shares at January 1, 2021	810,814	$	105.92
Granted	290,607	$	131.84
Vested	(305,747)	$	91.06	$	27.8
Forfeited	(7,654)	$	113.02
Unvested restricted shares at December 31, 2021	788,020	$	121.18
Granted	372,610	$	166.27
Vested	(278,359)	$	106.98	$	29.8
Forfeited	(27,504)	$	157.11
Unvested restricted shares at December 31, 2022	854,767	$	144.19
Granted	381,858	$	132.73
Vested	(243,776)	$	139.03	$	33.9
Forfeited	(55,198)	$	153.68
Unvested restricted shares at December 31, 2023	937,651	$	140.30

Schedule of Share-Based Compensation Expensed and Capitalized

We recognized the following share-based compensation costs (in millions):


	Year Ended
		December 31, 2023		December 31, 2022		December 31, 2021
Share-based compensation - expensed(1)		$	40.4	$	37.6	$	28.0
Share-based compensation - capitalized(2)		$	2.5	$	—	$	—

(1) Recorded within General and administrative expense on the Consolidated Income Statements.

(2) Capitalized to Land improvements and buildings on the Consolidated Balance Sheets.

Schedule of Share-Based Compensation Cost

The following table summarizes our expected share-based compensation cost, net related to our unvested restricted shares, in millions:


	2024		2025		2026		Thereafter
Expected share-based compensation costs, net	$	34.0	$	25.5	$	16.9	$	10.0

Debt and Line of Credit - Schedule of Debt and Line of Credit (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Mortgage loans payable	$ 3,478.9	$ 3,217.8
Secured borrowings on collateralized receivables	55.8	0.0
Total Secured Debt	3,534.7	3,217.8
Senior unsecured notes	2,177.5	1,779.6
Total Unsecured Debt	4,242.6	3,979.4
Total Debt	$ 7,777.3	$ 7,197.2
Weighted Average Years to Maturity	6 years 9 months 18 days	7 years 4 months 24 days
Weighted Average Interest Rates	4.234%	3.746%
Secured borrowings on collateralized receivables - fair value adjustment	$ 1.9	$ 0.0
Collateralized Receivables
Debt Instrument [Line Items]
Weighted Average Years to Maturity	14 years 2 months 12 days
Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit and other	$ 2,065.1	$ 2,130.6
Weighted Average Years to Maturity	1 year 8 months 12 days	2 years 9 months 18 days
Weighted Average Interest Rates	5.428%	4.417%
Mortgage loans payable
Debt Instrument [Line Items]
Weighted Average Years to Maturity	9 years 2 months 12 days	10 years 2 months 12 days
Weighted Average Interest Rates	3.994%	3.723%
Discount (premium)	$ 0.0	$ 0.1
Deferred financing costs	$ 16.9	$ 14.6
Secured Borrowings
Debt Instrument [Line Items]
Weighted Average Interest Rates	8.556%
Senior unsecured notes
Debt Instrument [Line Items]
Weighted Average Years to Maturity	7 years 6 months	8 years 1 month 6 days
Weighted Average Interest Rates	3.375%	2.90%
Discount (premium)	$ (6.5)	$ (6.1)
Deferred financing costs	16.0	14.3
Preferred equity - Sun NG Resorts - mandatorily redeemable
Debt Instrument [Line Items]
Preferred OP units - mandatorily redeemable	$ 0.0	$ 35.2
Weighted Average Years to Maturity	0 years	1 year 9 months 18 days
Weighted Average Interest Rates	0.00%	6.00%
Preferred OP units - mandatorily redeemable
Debt Instrument [Line Items]
Preferred OP units - mandatorily redeemable	$ 0.0	$ 34.0
Weighted Average Years to Maturity	0 years	3 years 1 month 6 days
Weighted Average Interest Rates	0.00%	5.921%

Equity and Temporary Equity - Schedule of Redeemable Equity (Details) $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2018 USD ($)	Dec. 31, 2023 USD ($) community	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)
Class of Stock [Line Items]
Equity interest		$ 260.9	$ 202.9	$ 288.9	$ 264.4	$ 299.8	$ 294.0	$ 298.8
VIE purchased		(0.2)	(0.1)	$ (0.2)
NG Sun LLC \| Common Stock \| Sun NG RV Resorts
Class of Stock [Line Items]
VIE purchased	$ 6.5
Sun NG RV Resorts \| Common Stock
Class of Stock [Line Items]
VIE purchased					$ 3.0
Sun NG RV Resorts \| Common Stock \| Sun NG RV Resorts
Class of Stock [Line Items]
VIE purchased	$ 15.4
Total
Class of Stock [Line Items]
Equity interest		10.7	41.4
FPG Sun Moreno Valley 66 LLC
Class of Stock [Line Items]
Equity interest		0.1	0.1
Solar Energy Project CA II LLC
Class of Stock [Line Items]
Equity interest		5.1	4.2
Solar Energy Project LLC
Class of Stock [Line Items]
Equity interest		2.3	1.9
Solar Energy Project III LLC
Class of Stock [Line Items]
Equity interest		2.3	0.3
FPG Sun Menifee 80 LLC
Class of Stock [Line Items]
Equity interest		0.1	0.1
NG Sun Whitewater LLC
Class of Stock [Line Items]
Equity interest		0.0	3.2
NG Sun Beaver Brook LLC
Class of Stock [Line Items]
Equity interest		$ 0.1	0.5
Number of RV resorts \| community		1
NG Sun LLC and Other Stand-Alone Joint Ventures
Class of Stock [Line Items]
Equity interest		$ 0.7	$ 31.1

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

21. Subsequent Events

Acquisitions

Subsequent to the year ended December 31, 2023, we acquired one land parcel located in the U.S. for a purchase price of $11.7 million.

Dispositions

In February 2024, we sold two MH and RV operating communities located in Florida and Arizona with 533 total developed sites for total cash consideration of $53.3 million and total gain on sale of approximately $6.3 million.

Notes Receivable from Real Estate Developers and Operators

Subsequent to the year ended December 31, 2023, we completed a receivership process related to the remaining three MH manufacturers in the UK. The receivers sold such assets for total consideration of $10.7 million, resulting in cash proceeds to the Company of $7.0 million, net of non-cash consideration and fees. The sale of these assets resulted in an incremental fair value remeasurement adjustment of $0.8 million.

Senior Unsecured Notes and Derivatives

In January 2024, the Operating Partnership issued $500.0 million of senior unsecured notes with an interest rate of 5.5% and a five-year term, due January 15, 2029. Interest on the notes is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on July 15, 2024. The net proceeds from the offering were $495.4 million, after deducting underwriters' discounts and estimated offering expenses. We used the majority of the net proceeds to repay borrowings outstanding under our Senior Credit Facility.

In connection with the note issuance, we settled seven forward swap contracts totaling $255.0 million and made a net settlement payment of $2.3 million to several counterparties. As of the settlement date, the net accumulated loss is included in AOCI and is being reclassified into earnings as an increase to interest expense on a straight-line basis over the five-year term of the hedged transaction.

In February 2024, we entered into an interest rate swap contract to hedge variable rate borrowings of $25.0 million.

Legal Settlement

In January 2024, we were awarded two mixed use parking garages at one of our marina properties located in Florida, as part of a legal settlement. As a result, we recorded $10.4 million of building and land and recognized the related gain.

We have evaluated our Consolidated Financial Statements for subsequent events through the date that this Form 10-K was issued.

Leases - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Finance Leases
2024	$ 4.6
2025	0.5
2026	0.5
2027	0.5
2028	0.5
Thereafter	21.5
Total Lease Payments	28.1
Less: Imputed interest	(13.8)
Present Value of Lease Liabilities	14.3	$ 15.0
Operating Leases
2024	13.9
2025	13.8
2026	12.3
2027	10.3
2028	9.6
Thereafter	236.3
Total Lease Payments	296.2
Less: Imputed interest	(136.7)
Present Value of Lease Liabilities	159.5	$ 160.3
Total
2024	18.5
2025	14.3
2026	12.8
2027	10.8
2028	10.1
Thereafter	257.8
Total Lease Payments	324.3
Less: Imputed interest	(150.5)
Present Value of Lease Liabilities	$ 173.8

Income Taxes - Reconciliation of the Provision for Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Pre-tax income / (loss) attributable to taxable subsidiaries	$ (67.2)	$ 11.4	$ (5.2)
Federal provision / (benefit) at statutory tax rate	$ (14.1)	$ 2.4	$ (1.1)
Federal provision / (benefit) at statutory tax rate, percentage	21.00%	21.00%	21.00%
State and local taxes, net of federal benefit	$ 1.4	$ 0.7	$ 0.2
State and local taxes, net of federal benefit, percentage	(2.00%)	6.50%	(3.80%)
Rate differential	$ (4.7)	$ (0.4)	$ 0.1
Rate differential, percentage	7.00%	(3.50%)	(2.70%)
Change in valuation allowance	$ 5.4	$ 2.8	$ 3.4
Change in valuation allowance, percentage	(8.10%)	24.50%	(65.00%)
Non-U.S. income taxed at other than the U.S. federal statutory tax rate	$ 3.1	$ (0.6)	$ 0.0
Non-U.S. income taxed at other than the U.S. Federal statutory tax rate, percentage	(4.60%)	(5.50%)	0.00%
Others	$ (1.0)	$ (0.4)	$ (2.1)
Other, percentage	1.40%	(3.00%)	39.80%
Tax provision / (benefit) - taxable subsidiaries	$ (9.9)	$ 4.5	$ 0.5
Tax provision / (benefit) - taxable subsidiaries, percentage	14.70%	40.00%	(10.70%)
Other state taxes - flow through subsidiaries	$ 1.5	$ 1.6	$ 0.8
Total provision / (benefit)	$ (8.4)	$ 6.1	$ 1.3

Investment in Nonconsolidated Affiliates (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investments in and Advances to Affiliates

The investment balance in each nonconsolidated affiliate is as follows (in millions):



Investment	December 31, 2023		December 31, 2022

Investment in Sungenia JV	$	56.8	$	44.5
Investment in GTSC	60.4		54.5

Investment in SV Lift	1.7		2.3
Total	$	118.9	$	101.3

The income / (loss) from each nonconsolidated affiliate is as follows (in millions):


	Year Ended
Income / (Loss) from Nonconsolidated Affiliates	December 31, 2023		December 31, 2022		December 31, 2021
RezPlot equity income / (loss)	$	11.1	$	(4.7)	$	(2.9)
Sungenia JV equity income	3.2		2.2		1.8
GTSC equity income	3.3		5.9		6.1
OFS equity income	—		0.6		0.2
SV Lift equity loss	(1.6)		(1.1)		(1.2)
Total Income from Nonconsolidated Affiliates	$	16.0	$	2.9	$	4.0

The change in the Sungenia JV investment balance is as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022
Beginning balance	$	44.5	$	36.2
Cumulative translation adjustment	(0.5)		(3.0)
Contributions	9.6		9.1

Equity earnings	3.2		2.2

Ending Balance	$	56.8	$	44.5

The change in the GTSC investment balance is as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022
Beginning balance	$	54.5	$	35.7

Contributions	27.5		37.4
Distributions	(20.7)		(22.5)
Equity earnings	3.3		5.9
Fair value adjustment	(4.2)		(2.0)
Ending Balance	$	60.4	$	54.5

Related Party Transactions (Details) $ in Millions	12 Months Ended
Related Party Transactions (Details) $ in Millions	Dec. 31, 2023 USD ($) ft² $ / ft²	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Related Party Transaction [Line Items]
Indirect percentage of equity interest	0.01
Average gross base rent per square foot \| $ / ft²	20.95
Airplane Usage
Related Party Transaction [Line Items]
Related party expenses	$ 0.5	$ 0.7	$ 0.7
Telephone Service
Related Party Transaction [Line Items]
Related party expenses	$ 0.3	0.2	0.2
Permanent space
Related Party Transaction [Line Items]
Rentable square feet \| ft²	60,261
Chief Executive Officer
Related Party Transaction [Line Items]
Indirect percentage of equity interest	0.281
Directors
Related Party Transaction [Line Items]
Legal fees	$ 7.9	$ 9.7	$ 10.3

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Taxable Dividends Paid

For the years ended December 31, 2023, 2022 and 2021, distributions paid per share were taxable as follows (unaudited / rounded):


	Year Ended

	December 31, 2023				December 31, 2022				December 31, 2021
	Amount		Percentage		Amount		Percentage		Amount		Percentage
Ordinary income(1)	$	2.30	62.62	%	$	2.55	73.62	%	$	2.31	70.47	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	1.37		37.38	%	0.92		26.38	%	0.97		29.53	%
Total distributions declared	$	3.67	100.00	%	$	3.47	100.00	%	$	3.28	100.00	%

(1)98.924258% of the ordinary taxable dividend qualifies as a Section 199A dividend for 2023 and 1.075742% of the ordinary taxable dividend qualifies as a Qualified Dividend for 2023.

Schedule of Components of Income Tax Expense (Benefit)

The components of our provision / (benefit) for income taxes attributable to continuing operations for the years ended December 31, 2023, 2022 and 2021 are as follows (amounts in millions):


	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Federal
Current	$	—	$	—	$	—
Deferred	—		—		—
State and Local
Current	2.9		2.3		1.1
Deferred	—		—		(0.1)
Foreign
Current	11.6		8.0		0.1
Deferred	(22.9)		(4.2)		0.2
Total provision / (benefit)	$	(8.4)	$	6.1	$	1.3

Schedule of Components of Income / (Loss) Attributable to Taxable Subsidiaries

The components of income / (loss) attributable to taxable subsidiaries before provision for income taxes are as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Domestic	$	(21.0)	$	(13.4)	$	(7.8)
Foreign	(46.2)		24.8		2.6
Income / (loss) before provision for income taxes	$	(67.2)	$	11.4	$	(5.2)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision / (benefit) for income taxes with the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the years ended December 31, 2023, 2022 and 2021 is as follows (amounts in millions):


	Year Ended
	December 31, 2023				December 31, 2022				December 31, 2021
Pre-tax income / (loss) attributable to taxable subsidiaries	$	(67.2)			$	11.4			$	(5.2)

Federal provision / (benefit) at statutory tax rate	(14.1)		21.0	%	2.4		21.0	%	(1.1)		21.0	%
State and local taxes, net of federal benefit	1.4		(2.0)	%	0.7		6.5	%	0.2		(3.8)	%
Rate differential	(4.7)		7.0	%	(0.4)		(3.5)	%	0.1		(2.7)	%
Change in valuation allowance	5.4		(8.1)	%	2.8		24.5	%	3.4		(65.0)	%

Non-U.S. income taxed at other than the U.S. federal statutory tax rate	3.1		(4.6)	%	(0.6)		(5.5)	%	—		—	%
Others	(1.0)		1.4	%	(0.4)		(3.0)	%	(2.1)		39.8	%
Tax provision / (benefit) - taxable subsidiaries	(9.9)		14.7	%	4.5		40.0	%	0.5		(10.7)	%
Other state taxes - flow through subsidiaries	1.5				1.6				0.8
Total provision / (benefit)	$	(8.4)			$	6.1			$	1.3

Schedule of Deferred Tax Assets and Liabilities

The deferred tax assets and liabilities included in the Consolidated Balance Sheets are comprised of the following tax effects of temporary differences and based on the most recent tax rate legislation (amounts in millions):


	As of
	December 31, 2023		December 31, 2022		December 31, 2021
Deferred Tax Assets
NOL carryforwards	$	28.7	$	25.9	$	26.2
Depreciation and basis differences	27.4		26.0		23.7
Restricted interest carryforwards	51.9		25.2		—
Other	5.4		4.9		0.1
Gross deferred tax assets	113.4		82.0		50.0
Valuation allowance	(55.3)		(49.8)		(47.0)
Net deferred tax assets(1)	58.1		32.2		3.0

Deferred Tax Liabilities
Basis differences - US assets	—		—		(1.2)
Basis differences - foreign investment(2)	(335.2)		(340.8)		(22.5)
Gross deferred tax liabilities(3)	(335.2)		(340.8)		(23.7)

Net Deferred Tax Liability	$	(277.1)	$	(308.6)	$	(20.7)

(1)Net deferred tax assets are included within Other assets, net in our Consolidated Balance Sheets.

(2)Balance as of December 31, 2023 relates to basis differences in our foreign investments in properties in the UK and Canada.

(3)Gross deferred tax liabilities are included within Other liabilities in our Consolidated Balance Sheets.

Income Taxes - Schedule of Characterization of Distributions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Contingency [Line Items]
Distribution Per Share	$ 3.67	$ 3.47	$ 3.28
Percentage	100.00%	100.00%	100.00%
Ordinary annual taxable dividend	98.92426%
Ordinary quarterly taxable dividend	1.07574%
Ordinary income
Income Tax Contingency [Line Items]
Distribution Per Share	$ 2.30	$ 2.55	$ 2.31
Percentage	62.62%	73.62%	70.47%
Capital gain
Income Tax Contingency [Line Items]
Distribution Per Share	$ 0	$ 0	$ 0
Percentage	0.00%	0.00%	0.00%
Return of capital
Income Tax Contingency [Line Items]
Distribution Per Share	$ 1.37	$ 0.92	$ 0.97
Percentage	37.38%	26.38%	29.53%

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Deferred Financing Costs, Discounts and Premiums

Deferred financing costs, discounts and premiums as included in our Consolidated Balance Sheets are as follows (in millions):


	Financial Statement Classification	Year Ended
Description		December 31, 2023		December 31, 2022
Secured debt - premium	Mortgage loans payable	$	—	$	0.1
Secured debt - deferred financing costs	Mortgage loans payable	(16.9)		(14.6)
Secured borrowings on collateralized receivables - fair value adjustment	Secured borrowings on collateralized receivables	1.9		—
Senior unsecured notes - discount	Unsecured debt	(6.5)		(6.1)
Senior unsecured notes - deferred financing costs	Unsecured debt	(16.0)		(14.3)
Lines of credit - deferred financing costs	Unsecured debt	(1.6)		(3.0)
Total deferred financing costs, discounts, premiums and fair value adjustments included in Debt		$	(39.1)	$	(37.9)
Lines of credit - deferred financing costs	Other assets, net	9.1		13.1
Total deferred financing costs, discounts, premiums and fair value adjustments		$	(48.2)	$	(51.0)

Schedule of Estimated Useful Lives

Asset Class

Useful Life

Land improvements and buildings

1 year

53 years

Rental homes

10 years

Furniture, fixtures and equipment

1 year

40 years

Computer hardware and software

1 year

8 years

Dock improvements

1 year

52 years

Site improvements

1 year

40 years

Leasehold improvements

Lesser of lease term or useful life of assets

Goodwill

Indefinite

In-place leases (including slip in-place leases)

2 months

13 years

Non-competition agreements

5 years

Trademarks and trade names

Various(1)

Customer relationships

4 years

17 years

Franchise agreements and other intangible assets

1 year

27 years

(1)Trademarks and trade names have an indefinite life or a three to 15 year useful life as of the acquisition date

Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Notional Amounts of Outstanding Derivative Positions

During the year ended December 31, 2023 and 2022, we entered into the following derivative contracts (with notional amounts in millions):

Period
(Three months ended)

Number of Contracts

Instrument Type

Currency

Notional Amount

Index Type

Hedged Item

December 31, 2023

Forward Swap

USD

255.0

SOFR

Future Debt Offering

Interest Rate Swap

USD

25.0

SOFR

Term Loan Senior Credit Facility

September 30, 2023

Interest Rate Swap

USD

125.0

SOFR

Term Loan Senior Credit Facility

March 31, 2023

Interest Rate Swap

GBP(1)

127.3

SONIA

Term Loan Senior Credit Facility

Interest Rate Swap

USD

50.0

SOFR

Future Debt Offering

Total

582.3

December 31, 2022

Forward Swap

USD

50.0

SOFR

Future Debt Offering

September 30, 2022

Interest Rate Swap

GBP(3)

483.6

SONIA

Future Debt Offering

Treasury Rate Locks(2)

200.0

SOFR

Future Debt Offering

Total

733.6

(1) The notional amount of the swap contract in local currency is £100.0 million. The USD equivalent amount is converted as of December 31, 2023.

(2) This includes two $100.0 million treasury rate locks.

(3) The notional amount of the swap contract in local currency is £400.0 million. The USD equivalent amount is converted as of December 31, 2022.

Schedule of Derivative Instruments

During the year ended December 31, 2023 and 2022, we terminated the following derivative contracts (amounts in millions):


Period (Three months ended)	Type	Currency	Notional Amount		Cash Settlement Received
December 31, 2023	Interest Rate Swap	USD	$	50.0	$	6.0
March 31, 2023	Treasury Rate Locks & Forward Swap(1)	USD	250.0		7.4		(1)
Total			$	300.0	$	13.4
June 30, 2022	Treasury Rate Locks(2)	USD	600.0		35.3		(2)
Total			$	600.0	$	35.3

(1) These includes two $100.0 million treasury rate locks and one $50.0 million forward swap which were terminated in connection with the 2033 Notes issuance.

(2) These includes four $150.0 million treasury rate locks which were terminated in connection with the issuance of $600.0 million of senior unsecured notes issued April 2022.

The following table presents the gross fair value amounts of our derivative financial instruments and the associated notional amounts (in millions):


	December 31, 2023						December 31, 2022
Derivatives designated as cash flow hedges	Notional		Fair Value of Assets(1)		Fair Value of Liabilities(2)		Notional		Fair Value of Assets(1)		Fair Value of Liabilities
Interest rate derivatives	$	1,041.5	$	11.7	$	7.7	$	733.6	$	32.0	$	—

(1)Included within Other assets, net on the Consolidated Balance Sheets.

(2)Included within Other liabilities on the Consolidated Balance Sheets.

The following table presents the gain / (loss) on derivatives in cash flow hedging relationships recognized in Accumulated other comprehensive income / (loss) (in millions):


	Year Ended
Derivatives designated as cash flow hedges	December 31, 2023		December 31, 2022		December 31, 2021
Interest rate derivatives	$	(4.9)	$	64.3	$	0.4

The following table presents the amount of gains on derivative instruments reclassified from Accumulated other comprehensive income / (loss) into earnings (in millions):


		Year Ended
Derivatives designated as cash flow hedges	Financial Statement Classification	December 31, 2023		December 31, 2022		December 31, 2021
Interest rate derivatives	Interest expense	$	14.9	$	1.3	$	—

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Real Estate Acquisitions and Dispositions - Narrative (Details) $ in Millions		1 Months Ended			3 Months Ended				12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) developmentSite	Aug. 31, 2023 USD ($) developmentSite	Feb. 28, 2023 USD ($) property	Dec. 31, 2023 USD ($) property	Jun. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) developmentSite	Mar. 31, 2022 USD ($) developmentSite	Dec. 31, 2023 USD ($) property developmentSite landParcel	Dec. 31, 2022 USD ($) site developmentSite landParcel	Dec. 31, 2021 USD ($)	Dec. 31, 2023 property	Dec. 31, 2023	Dec. 31, 2023 site
Business Acquisition [Line Items]
Transaction costs	$ 3.1	$ 3.1			$ 3.1				$ 3.1	$ 19.2
Business combinations									3.0	$ 24.7	$ 1.4
Number of land parcels \| landParcel										6
Payments to acquire land									35.8	$ 26.2
Gain on dispositions of properties									11.0	12.2	108.1
Asset impairments					7.0				$ 10.1	$ 3.0	$ 0.0
Number of properties reacquired \| property									2
Gain (loss) on real estate reacquired									$ 0.0
Liabilities reclassified from held-for-sale	55.8
Intangible assets, transfers from held-for-sale	1.3
Sites										24,347		227,340		92
Investment in property, net
Business Acquisition [Line Items]
Assets and liabilities reclassified from held-for-sale	259.0
Inventory of manufactured homes
Business Acquisition [Line Items]
Assets and liabilities reclassified from held-for-sale	4.6
UNITED STATES
Business Acquisition [Line Items]
Number of land parcels \| landParcel									4
UNITED KINGDOM
Business Acquisition [Line Items]
Number of land parcels \| landParcel									1
Fourteen Subsidiaries Following Sun NG Transaction in Q4 2023
Business Acquisition [Line Items]
Ownership interest													100.00%
Other Assets
Business Acquisition [Line Items]
Real estate held for sale	0.0	$ 0.0			$ 0.0				$ 0.0	$ 0.0
Cabrillo Isle and Emerald Coast
Business Acquisition [Line Items]
Business combinations										$ 24.7
Sun NG Resorts Transaction
Business Acquisition [Line Items]
Number of properties acquired \| property					14
Number of land parcels \| landParcel									4
MH Operating Community \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of properties sold \| developmentSite			1
Number of housing sites sold \| developmentSite			155
Proceeds from sale of real estate			$ 6.8
Assets held for sale						$ 6.8
MH Operating Community \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Asset Impairments
Business Acquisition [Line Items]
Asset impairments						6.3
MH Operating Community \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Other Assets
Business Acquisition [Line Items]
Assets held for sale						$ 13.1
UK Non-Operating Properties \| Notes receivable from real estate developers and operators
Business Acquisition [Line Items]
Weighted average interest rate				11.90%
UK Non-Operating Properties \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of properties sold \| property				2
Value of house sites sold				$ 111.5
Note receivable				$ 108.8
UK Non-Operating Properties \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations \| Gain / (loss) on disposition of properties
Business Acquisition [Line Items]
Gain on dispositions of properties									$ (2.2)
Release of foreign currency translation									$ 11.9
UK MH Operating Community \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of housing sites sold \| developmentSite									730
Depreciation and amortization expense on reclassified assets					$ 1.3
The Sands RV & Golf Course
Business Acquisition [Line Items]
Gain on dispositions of properties							$ (0.8)
Proceeds from sale of real estate							$ 15.0
Sites \| developmentSite							514
New Ranch
Business Acquisition [Line Items]
Number of properties sold \| developmentSite								2
Country Squire
Business Acquisition [Line Items]
Number of properties sold \| developmentSite								1
Proceeds from sale of real estate								$ 29.5
Sites \| developmentSite								323
Southern Pines
Business Acquisition [Line Items]
Gain on dispositions of properties								$ 13.3
Sun NG Resorts \| Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations
Business Acquisition [Line Items]
Number of properties sold \| developmentSite		3
Number of housing sites sold \| developmentSite		955
Value of house sites sold	$ 166.1	$ 166.1			166.1				$ 166.1
Gain on dispositions of properties					$ 13.2
Marina
Business Acquisition [Line Items]
Number of land parcels \| developmentSite										2
Payments to acquire land										$ 13.9
Cabrillo Isle and Emerald Coast
Business Acquisition [Line Items]
Business combinations									$ 3.0

Consolidated Variable Interest Entities

12 Months Ended

Dec. 31, 2023

Disclosure of Variable Interest Entities [Abstract]

Consolidated Variable Interest Entities

8. Consolidated Variable Interest Entities

The Operating Partnership

We consolidate the Operating Partnership under the guidance set forth in ASC 810, "Consolidation." We evaluated whether the Operating Partnership met the criteria for classification as a variable interest entity ("VIE") or, alternatively, as a voting interest entity and concluded that the Operating Partnership met the criteria of a VIE. Our significant asset is our investment in the Operating Partnership, and consequently, substantially all of our assets and liabilities represent those assets and liabilities of the Operating Partnership. We are the sole general partner and generally have the power to manage and have complete control over the Operating Partnership and the obligation to absorb its losses or the right to receive its benefits.

Other Consolidated VIEs

We consolidate Sun NG RV Resorts LLC ("Sun NG Resorts"), Sun NG Beaver Brook LLC, FPG Sun Menifee 80 LLC, Solar Energy Project LLC, Solar Energy Project CA II LLC, Solar Energy Project III LLC and FPG Sun Moreno Valley 66 LLC under the guidance set forth in ASC Topic 810, "Consolidation." We concluded that each entity is a VIE where we are the primary beneficiary, as we have the power to direct the significant activities of, and absorb the significant losses and receive the significant benefits from each entity. Refer to Note 9, "Debt and Line of Credit" and Note 10, "Equity and Temporary Equity," for additional information on Sun NG Resorts.

Sun NG Resorts Transaction

During the three months ended December 31, 2023, we simplified the structure of certain of our consolidated variable interest entities, including Sun NG RV Resorts, Sun NG Whitewater RV Resorts LLC, Sun NG Beaver Brook LLC and four standalone affiliates (collectively "Sun NG") in a transaction with our joint venture partner in Sun NG. The transaction, which was primarily a non-monetary exchange and resulted in a net cash receipt of $8.2 million, consisted of the following:

•Disposition of our majority equity interest in three consolidated joint venture properties (including Sun NG Whitewater RV Resorts LLC) with a fair value of $166.1 million, which resulted in a gain of $13.2 million;

•Acquisition of all noncontrolling equity interests in 14 consolidated joint venture properties and a significant portion of the noncontrolling equity interest in five stand-alone joint venture properties (including Sun NG Beaver Brook LLC) with a fair value of $149.5 million. This resulted in us owning a 100% controlling interest in 14 of these properties (the "Acquired RV Properties") and a majority interest in the remaining properties. The acquisition of the noncontrolling interest was accounted for as an equity transaction in accordance with ASC Topic 810, "Consolidation," with the difference between the fair value and carrying value of the acquired noncontrolling interest of $125.3 million recorded as a decrease to Additional paid-in capital;

•Settlement of the Series A and Series B preferred equity interests in the Sun NG Resorts joint venture of $35.2 million and $3.9 million, respectively, and issuance of 20,000 Series L preferred OP units valued at $2.0 million. The Series A and Series B preferred equity interests were accounted for as Unsecured debt and Temporary Equity on our Consolidated Balance Sheets, respectively. The Series L preferred OP units were recorded in Noncontrolling Interests in the Consolidated Balance Sheets;

•Disposition of our ownership interest in Rezplot, a nonconsolidated affiliate, and settlement of notes receivable due from Rezplot for $12.2 million. In conjunction with the disposition, we remeasured the investment to its fair value and recorded a gain of $15.3 million.

We concluded that the Acquired RV Properties no longer qualify as VIEs and instead will be consolidated under the voting interest model. The five properties remaining under joint venture agreements continue to be accounted for as consolidated VIEs and are included in the table below. Refer to Note 3, "Real Estate Acquisitions and Dispositions" related to the three properties that were sold, Note 4, "Notes and Other Receivables" related to the settlement of the receivable due from Rezplot, Note 7, "Investments in Nonconsolidated Affiliates" related to the sale of our investment in Rezplot, Note 9, "Debt and Line of Credit" related to the settlement of the Series A preferred equity interest, and Note 10, "Equity and Temporary Equity" related to the acquisition of the noncontrolling equity interest in 14 consolidated joint venture properties and issuance of Series L preferred OP units.

Other Noncontrolling Equity Interest Transactions

During the three months ended September 30, 2022, we acquired the noncontrolling equity interest held by third parties in a joint venture created for the purpose of acquiring land and constructing a marina in Fort Lauderdale, Florida ("SHM South Fork JV, LLC"). The transaction resulted in us owning a 100% ownership interest in the joint venture and we concluded that SHM South Fork JV, LLC was no longer a VIE. The acquisition was accounted for as an equity transaction in accordance with ASC Topic 810, "Consolidation," with the difference between the purchase price and the noncontrolling interest of $1.9 million recorded as a decrease to Additional Paid-in Capital on the Consolidated Balance Sheets.

During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate Village SPE LLC, Rudgate Clinton SPE LLC and Rudgate Clinton Estates, LLC (collectively, "Rudgate"), an MH community, which resulted in us owning a 100% ownership interest in Rudgate. We concluded that Rudgate was no longer a VIE. The acquisition was accounted for as an equity transaction in accordance with ASC Topic 810, "Consolidation," with the difference between the purchase price and the acquired noncontrolling interest of $13.2 million recorded as an increase to Additional paid-in capital on the Consolidated Balance Sheets. Refer to Note 10, "Equity and Temporary Equity," for additional information.


	December 31, 2023		December 31, 2022
Assets
Investment property, net	$	132.3	$	739.7
Cash, cash equivalents and restricted cash	2.9		14.1
Other intangible assets, net	0.1		13.0
Other assets, net	0.4		10.5
Total Assets	$	135.7	$	777.3

Liabilities and Other Equity
Secured debt	$	3.2	$	22.2
Unsecured debt	—		35.2
Advanced reservation deposits and rent	0.4		13.8
Accrued expenses and accounts payable	24.1		11.8
Other liabilities	—		1.4
Total Liabilities	27.7		84.4
Temporary equity	10.7		41.3

Total Liabilities and Other Equity	$	38.4	$	125.7

Total assets related to the consolidated VIEs, with the exception of the Operating Partnership, comprised 0.8% and 4.5% of our consolidated total assets at December 31, 2023 and 2022, respectively. Total liabilities comprised 0.3% and 0.9% of our consolidated total liabilities at December 31, 2023 and 2022, respectively. Equity Interests and Noncontrolling interests related to the consolidated VIEs, on an absolute basis, comprised less than 1.0% of our consolidated total equity at December 31, 2023 and 2022, respectively.

Quarterly Financial Data (Unaudited and Restated)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Quarterly Financial Data (Unaudited and Restated)

22. Quarterly Financial Data (Unaudited and Restated)

Restatement of Prior Quarterly 2023 Financial Statements (Unaudited)

During the course of preparation and review of our financial statements for the year end December 31, 2023, it was determined that we did not identify certain factors indicative of triggering events relevant to the valuation of the UK reporting unit, including reduced financial projections and increased interest rates when preparing our previously issued unaudited interim consolidated financial statements (collectively, the "Interim Financial Statements") as of and for the period ended March 31, 2023, as of and for the period ended June 30, 2023, and as of and for the period ended September 30, 2023 (collectively, the "Interim Periods"), included in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2023, June 30, 2023 and September 30, 2023, respectively. Management undertook a full review of the valuations and determined that as of each of March 31, 2023, June 30, 2023 and September 30, 2023 we should have recognized non-cash impairments to goodwill for the UK reporting unit within our MH segment.

Pursuant to SEC Staff Accounting Bulletin ("SAB") No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated these misstatements, and based on an analysis of quantitative and qualitative factors, determined that the impact of misstatements related to goodwill impairments was material to our Interim Periods. Accordingly, we have restated the unaudited consolidated financial statements for the Interim Periods and have included that restated unaudited financial information within this Annual Report. Restatement of amounts in previously filed Interim Financial Statements are reflected below.

We are providing restated quarterly unaudited consolidated financial information for the interim periods ended March 31, 2023, June 30, 2023 and September 30, 2023. These adjustments have no impact to cash flows from operating activities as goodwill impairment is a non-cash adjustment to reconcile net income / (loss) to cash provided by operating activities.

The restated Consolidated Balance Sheet line items for the first through third quarters of 2023 were as follows:


	As of March 31, 2023
	As Previously Reported		Adjustments		As Restated
Goodwill	$	1,092.6	$	(15.7)	$	1,076.9
Total assets	$	17,363.8	$	(15.7)	$	17,348.1
Other liabilities(1)	$	940.1	$	(0.1)	$	940.0
Total liabilities(1)	$	9,294.8	$	(0.1)	$	9,294.7
Temporary equity	$	298.9	$	(0.1)	$	298.8
Accumulated other comprehensive income	$	7.7	$	(0.3)	$	7.4
Distributions in excess of accumulated earnings	$	(1,875.0)	$	(14.8)	$	(1,889.8)
Total SUI shareholder's equity	$	7,690.3	$	(15.1)	$	7,675.2
Common and preferred OP units	$	79.8	$	(0.4)	$	79.4
Total noncontrolling interests	$	79.8	$	(0.4)	$	79.4
Total shareholder's equity	$	7,770.1	$	(15.5)	$	7,754.6
Total liabilities, temporary equity and shareholder's equity	$	17,363.8	$	(15.7)	$	17,348.1

(1) Adjustments due to rounding effects.


	As of June 30, 2023
	As Previously Reported		Adjustments		As Restated
Goodwill	$	1,104.2	$	(326.5)	$	777.7
Total assets	$	17,561.4	$	(326.5)	$	17,234.9
Other liabilities(1)	$	958.3	$	(0.1)	$	958.2
Total liabilities(1)	$	9,474.8	$	(0.1)	$	9,474.7
Temporary equity	$	298.1	$	(4.1)	$	294.0
Accumulated other comprehensive income	$	37.6	$	(1.4)	$	36.2
Distributions in excess of accumulated earnings	$	(1,898.2)	$	(312.2)	$	(2,210.4)
Total SUI shareholder's equity	$	7,708.1	$	(313.6)	$	7,394.5
Common and preferred OP units	$	80.4	$	(8.7)	$	71.7
Total noncontrolling interests	$	80.4	$	(8.7)	$	71.7
Total shareholder's equity	$	7,788.5	$	(322.3)	$	7,466.2
Total liabilities, temporary equity and shareholder's equity	$	17,561.4	$	(326.5)	$	17,234.9

(1) Adjustments due to rounding effects.


	As of September 30, 2023
	As Previously Reported		Adjustments		As Restated
Goodwill	$	1,084.1	$	(358.7)	$	725.4

Total assets	$	17,605.3	$	(358.7)	$	17,246.6
Other liabilities(1)	$	928.9	$	(0.1)	$	928.8
Total liabilities(1)	$	9,465.0	$	(0.1)	$	9,464.9
Temporary equity	$	304.5	$	(4.7)	$	299.8
Accumulated other comprehensive income	$	5.2	$	11.2	$	16.4
Distributions in excess of accumulated earnings	$	(1,848.2)	$	(355.2)	$	(2,203.4)
Total SUI shareholder's equity	$	7,739.8	$	(344.0)	$	7,395.8
Common and preferred OP units	$	96.0	$	(9.9)	$	86.1
Total noncontrolling interests	$	96.0	$	(9.9)	$	86.1
Total shareholder's equity	$	7,835.8	$	(353.9)	$	7,481.9
Total liabilities, temporary equity and shareholder's equity	$	17,605.3	$	(358.7)	$	17,246.6

(1) Adjustments due to rounding effects.

The restated line items of the Consolidated Statements of Operations and Comprehensive Income / (Loss) for the first through third quarters of 2023 are as follows:


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated
Goodwill impairment	$	—	$	15.4	$	15.4
Total expenses	$	653.2	$	15.4	$	668.6
Loss before other items	$	(2.0)	$	(15.4)	$	(17.4)
Net loss	$	(32.9)	$	(15.4)	$	(48.3)
Loss attributable to noncontrolling interests	$	(5.2)	$	(0.6)	$	(5.8)
Net loss attributable to SUI common shareholders	$	(30.1)	$	(14.8)	$	(44.9)

Basic loss per share	$	(0.24)	$	(0.12)	$	(0.36)
Diluted loss per share	$	(0.24)	$	(0.12)	$	(0.36)


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated
Net loss	$	(32.9)	$	(15.4)	$	(48.3)
Foreign currency translation gain arising during period	$	17.2	$	(0.3)	$	16.9
Net foreign currency translation gain	$	29.1	$	(0.3)	$	28.8


Total Comprehensive Loss	$	(14.7)	$	(15.7)	$	(30.4)
Less: Comprehensive loss attributable to noncontrolling interests	$	4.6	$	0.6	$	5.2
Comprehensive loss attributable to SUI	$	(10.1)	$	(15.1)	$	(25.2)


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Goodwill impairment	$	—	$	309.7	$	309.7	$	—	$	325.1	$	325.1
Total expenses	$	774.6	$	309.7	$	1,084.3	$	1,427.8	$	325.1	$	1,752.9
Income / (loss) before other items	$	88.9	$	(309.7)	$	(220.8)	$	86.9	$	(325.1)	$	(238.2)
Net income / (loss)	$	97.5	$	(309.7)	$	(212.2)	$	64.6	$	(325.1)	$	(260.5)
Preferred return to preferred OP units / equity interests(1)	$	3.3	$	(0.1)	$	3.2	$	5.7	$	(0.1)	$	5.6
Income / (loss) attributable to noncontrolling interests	$	4.4	$	(12.2)	$	(7.8)	$	(0.8)	$	(12.8)	$	(13.6)
Net income / (loss) attributable to SUI common shareholders	$	89.8	$	(297.4)	$	(207.6)	$	59.7	$	(312.2)	$	(252.5)
Weighted average common shares outstanding - diluted	123.4		2.7		126.1		123.4		2.8		126.2
Basic earnings / (loss) per share	$	0.72	$	(2.39)	$	(1.67)	$	0.48	$	(2.51)	$	(2.03)
Diluted earnings / (loss) per share	$	0.72	$	(2.40)	$	(1.68)	$	0.48	$	(2.52)	$	(2.04)

(1) Adjustments due to rounding effects.


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Net income / (loss)	$	97.5	$	(309.7)	$	(212.2)	$	64.6	$	(325.1)	$	(260.5)
Foreign currency translation gain arising during period	$	15.4	$	(1.1)	$	14.3	$	32.6	$	(1.4)	$	31.2
Net foreign currency translation gain	$	15.4	$	(1.1)	$	14.3	44.5		$	(1.4)	43.1
Total comprehensive income / (loss)	$	128.7	$	(310.8)	$	(182.1)	$	114.0	$	(326.5)	$	(212.5)
Less: Comprehensive (income) / loss attributable to noncontrolling interests	$	(5.7)	$	12.2	$	6.5	$	(1.1)	$	12.8	$	11.7
Comprehensive income / (loss) attributable to SUI	$	123.0	$	(298.6)	$	(175.6)	$	112.9	$	(313.7)	$	(200.8)


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Goodwill impairment	$	—	$	44.8	$	44.8	$	—	$	369.9	$	369.9
Total expenses	$	795.8	$	44.8	$	840.6	$	2,223.6	$	369.9	$	2,593.5
Income / (loss) before other items	$	187.4	$	(44.8)	$	142.6	$	274.3	$	(369.9)	$	(95.6)
Net income / (loss)	$	180.4	$	(44.8)	$	135.6	$	245.0	$	(369.9)	$	(124.9)
Preferred return to preferred OP units / equity interests(1)	$	3.3	$	0.1	$	3.4	$	9.0	$	—	$	9.0
Income / (loss) attributable to noncontrolling interests	$	14.0	$	(1.9)	$	12.1	$	13.2	$	(14.7)	$	(1.5)
Net income / (loss) attributable to SUI common shareholders	$	163.1	$	(43.0)	$	120.1	$	222.8	$	(355.2)	$	(132.4)
Weighted average common shares outstanding - diluted	123.5		—		123.5		123.4		0.4		123.8
Basic earnings / (loss) per share	$	1.31	$	(0.34)	$	0.97	$	1.79	$	(2.85)	$	(1.06)
Diluted earnings / (loss) per share	$	1.31	$	(0.34)	$	0.97	$	1.79	$	(2.86)	$	(1.07)

(1) Adjustments due to rounding effects.


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Net income / (loss)	$	180.4	$	(44.8)	$	135.6	$	245.0	$	(369.9)	$	(124.9)
Foreign currency translation gain / (loss) arising during period	$	(25.5)	$	12.6	$	(12.9)	$	7.1	$	11.2	$	18.3
Net foreign currency translation gain / (loss)	$	(25.5)	$	12.6	$	(12.9)	19.0		$	11.2	30.2
Total comprehensive income / (loss)	$	146.7	$	(32.2)	$	114.5	$	260.7	$	(358.7)	$	(98.0)
Less: Comprehensive (income) / loss attributable to noncontrolling interests	$	(12.7)	$	1.9	$	(10.8)	$	(13.8)	$	14.7	$	0.9
Comprehensive income / (loss) attributable to SUI	$	134.0	$	(30.3)	$	103.7	$	246.9	$	(344.0)	$	(97.1)

The restated line items for the Consolidated Statements of Shareholders' Equity for the first through third quarters of 2023 are as follows:


	As of March 31, 2023
	As Previously Reported		Adjustments		As Restated
Temporary equity	$	298.9	$	(0.1)	$	298.8
Accumulated other comprehensive income	$	7.7	$	(0.3)	$	7.4
Distributions in excess of accumulated earnings	$	(1,875.0)	$	(14.8)	$	(1,889.8)
Noncontrolling interests	$	79.8	$	(0.4)	$	79.4
Total shareholders' equity	$	7,770.1	$	(15.5)	$	7,754.6
Total equity	$	8,069.0	$	(15.6)	$	8,053.4

	As of June 30, 2023
	As Previously Reported		Adjustments		As Restated
Temporary equity	$	298.1	$	(4.1)	$	294.0
Accumulated other comprehensive income	$	37.6	$	(1.4)	$	36.2
Distributions in excess of accumulated earnings	$	(1,898.2)	$	(312.2)	$	(2,210.4)
Noncontrolling interests	$	80.4	$	(8.7)	$	71.7
Total shareholders' equity	$	7,788.5	$	(322.3)	$	7,466.2
Total equity	$	8,086.6	$	(326.4)	$	7,760.2

	As of September 30, 2023
	As Previously Reported		Adjustments		As Restated
Temporary equity	$	304.5	$	(4.7)	$	299.8
Accumulated other comprehensive income	$	5.2	$	11.2	$	16.4
Distributions in excess of accumulated earnings	$	(1,848.2)	$	(355.2)	$	(2,203.4)
Noncontrolling interests	$	96.0	$	(9.9)	$	86.1
Total shareholders' equity	$	7,835.8	$	(353.9)	$	7,481.9
Total equity	$	8,140.3	$	(358.6)	$	7,781.7

The following is a condensed summary of our unaudited quarterly results for the years ended December 31, 2023 and 2022 (in millions, except per share data):


	2023 Quarters								2022 Quarters
	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
	As Restated		As Restated		As Restated
Total Revenues	$	651.2	$	863.5	$	983.2	$	726.7	$	548.5	$	814.3	$	932.6	$	674.3
Total Expenses	668.6		1,084.3		840.6		740.9		523.0		707.7		763.1		667.5
Income / (Loss) Before Other Items	$	(17.4)	$	(220.8)	$	142.6	$	(14.2)	$	25.5	$	106.6	$	169.5	$	6.8

Net Income / (Loss)	$	(48.3)	$	(212.2)	$	135.6	$	(84.2)	$	1.5	$	81.3	$	177.0	$	4.0

Net Income / (Loss) Attributable to SUI Common Shareholders	$	(44.9)	$	(207.6)	$	120.1	$	(80.9)	$	0.7	$	74.0	$	162.6	$	4.7

Earnings per share(1)
Basic earnings / (loss) per share	$	(0.36)	$	(1.67)	$	0.97	$	(0.65)	$	0.01	$	0.61	$	1.32	$	0.04
Diluted earnings / (loss) per share	$	(0.36)	$	(1.68)	$	0.97	$	(0.65)	$	0.01	$	0.61	$	1.32	$	0.04

(1)Earnings per share for the year may not equal the sum of the quarters' earnings per share due to changes in basic and diluted shares outstanding.

Revenue (Details) - USD ($) $ in Millions	3 Months Ended								12 Months Ended
Revenue (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Real property									$ 2,059.8	$ 1,902.2	$ 1,598.2
Home sales									419.9	465.8	280.2
Service, retail, dining and entertainment									638.9	531.6	351.8
Interest									45.4	35.2	12.2
Brokerage commissions and other, net									60.6	34.9	30.2
Total Revenues	$ 726.7	$ 983.2	$ 863.5	$ 651.2	$ 674.3	$ 932.6	$ 814.3	$ 548.5	3,224.6	2,969.7	2,272.6
MH
Revenues
Real property									1,064.3	954.2	805.4
Home sales									374.6	428.3	247.1
Service, retail, dining and entertainment									48.5	40.3	7.2
Interest									39.9	32.1	10.0
Brokerage commissions and other, net									30.6	19.8	12.9
Total Revenues									1,557.9	1,474.7	1,082.6
RV
Revenues
Real property									563.9	563.3	499.5
Home sales									45.3	37.5	33.1
Service, retail, dining and entertainment									89.2	89.1	73.8
Interest									4.9	2.9	2.2
Brokerage commissions and other, net									23.0	13.7	16.0
Total Revenues									726.3	706.5	624.6
Marina
Revenues
Real property									431.6	384.7	293.3
Home sales									0.0	0.0	0.0
Service, retail, dining and entertainment									501.2	402.2	270.8
Interest									0.6	0.2	0.0
Brokerage commissions and other, net									7.0	1.4	1.3
Total Revenues									$ 940.4	$ 788.5	$ 565.4

Debt and Line of Credit - Schedule of Debt Extinguishment (Details) $ in Millions	3 Months Ended				9 Months Ended	12 Months Ended
	Dec. 31, 2023 USD ($) property encumberedProperty Rate	Mar. 31, 2023 USD ($) encumberedProperty Rate	Dec. 31, 2022 USD ($) Rate	Jun. 30, 2022 USD ($) Rate	Sep. 30, 2022 USD ($) loan Rate	Dec. 31, 2023 USD ($) property encumberedProperty Rate	Dec. 31, 2022 USD ($) Rate	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt (see Note 9)						$ 0.0	$ (4.4)	$ (8.1)
Mortgage loans payable	$ 3,478.9		$ 3,217.8			$ 3,478.9	3,217.8
August 10, 2047
Debt Instrument [Line Items]
Loan Amount					$ 20.6
Debt term					25 years
Collateralized Term Loan 1
Debt Instrument [Line Items]
Number of mortgage term loans \| loan					17
Number of properties securing a debt instrument \| loan					35
Mortgage loans payable \| November 1, 2030
Debt Instrument [Line Items]
Number of encumbered properties \| encumberedProperty	2					2
Mortgage loans payable \| February 13, 2026
Debt Instrument [Line Items]
Number of encumbered properties \| encumberedProperty		5
Mortgage loans payable \| April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Number of encumbered properties \| encumberedProperty		22
Mortgage loans payable \| August 10, 2047
Debt Instrument [Line Items]
Number of encumbered properties \| encumberedProperty	18					18
Secured Debt \| November 1, 2030
Debt Instrument [Line Items]
Mortgage loans payable	$ 252.8					$ 252.8
Debt term	7 years
Secured Debt \| February 13, 2026
Debt Instrument [Line Items]
Mortgage loans payable		$ 85.0
Debt term		3 years
Secured Debt \| April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Mortgage loans payable		$ 99.1
Secured Debt \| June 15, 2026 - December 15, 2009
Debt Instrument [Line Items]
Mortgage loans payable			$ 226.0				$ 226.0
Secured Debt \| August 10, 2047
Debt Instrument [Line Items]
Interest Rate \| Rate					3.65%
Secured Debt \| August 10, 2047 - 2
Debt Instrument [Line Items]
Mortgage loans payable					$ 3.4
Debt term					25 years
Secured Debt \| Minimum \| April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Debt term		7 years
Secured Debt \| Minimum \| June 15, 2026 - December 15, 2009
Debt Instrument [Line Items]
Debt term			4 years
Secured Debt \| Maximum \| April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Debt term		10 years
Secured Debt \| Maximum \| June 15, 2026 - December 15, 2009
Debt Instrument [Line Items]
Debt term			7 years
Secured Debt \| Matures October 1, 2022 3.89% Interest Rate
Debt Instrument [Line Items]
Reduction in secured borrowing balance				$ 15.8
Fixed Interest Rate \| Rate				3.89%
Loss on extinguishment of debt (see Note 9)				$ 0.0
Secured Debt \| Mortgage loans payable \| November 1, 2030
Debt Instrument [Line Items]
Interest Rate \| Rate	6.49%					6.49%
Secured Debt \| Mortgage loans payable \| February 13, 2026
Debt Instrument [Line Items]
Interest Rate \| Rate		5.00%
Secured Debt \| Mortgage loans payable \| April 1, 2030 - April 1, 2033
Debt Instrument [Line Items]
Interest Rate \| Rate		5.72%
Secured Debt \| Mortgage loans payable \| June 15, 2026 - December 15, 2009
Debt Instrument [Line Items]
Interest Rate \| Rate			4.50%				4.50%
Secured Debt \| Mortgage loans payable \| August 10, 2047 - 2
Debt Instrument [Line Items]
Interest Rate \| Rate					3.65%
Collateralized Mortgage Backed Securities \| August 10, 2047
Debt Instrument [Line Items]
Number of properties securing a debt instrument \| property	1					1

Leases - Schedule of Right-of-Use Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Finance lease, ROU asset, net of accumulated amortization	$ 32.6	$ 32.2
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Investment property, net	Investment property, net
Operating lease, ROU asset, net	$ 176.0	$ 189.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets, net (see Note 8 at VIEs)	Other assets, net (see Note 8 at VIEs)
Below market operating leases, net	$ 95.0	$ 90.9
Finance lease liabilities	$ 14.3	$ 15.0
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities (see Note 8 at VIEs)	Other liabilities (see Note 8 at VIEs)
Operating lease liabilities	$ 159.5	$ 160.3
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other liabilities (see Note 8 at VIEs)	Other liabilities (see Note 8 at VIEs)

Leases - Schedule of Future Minimum Lease Payments to be Received (Details) $ in Millions	Dec. 31, 2023 USD ($)
Operating Leases
2024	$ 22.4
2025	15.9
2026	11.4
2027	7.4
2028	6.5
Thereafter	72.7
Total Undiscounted Cash Flows	$ 136.3

Collateralized Receivables and Transfers of Financial Assets	12 Months Ended
	Dec. 31, 2023
Transfers and Servicing [Abstract]
Collateralized Receivables and Transfers of Financial Assets	5. Collateralized Receivables and Transfers of Financial Assets During the three months ended December 31, 2023, we completed a transfer of our installment notes receivable to an unrelated entity and received net cash proceeds of $53.4 million, along with an agreed upon future cash payment of $1.1 million from the third-party servicer, in exchange for relinquishing our right, title and interest in the receivables. We used the proceeds to pay down borrowings outstanding under our Senior Credit Facility. We have no further obligations or rights with respect to the control, management, administration, servicing or collection of the installment notes receivables. However, we are subject to certain recourse provisions requiring us to purchase the underlying manufactured homes collateralizing such notes at a price calculated based on the agreed upon terms, in the event of a note default and subsequent repossession of the home by the unrelated entity. The recourse provisions are considered to be a form of continuing involvement which precluded establishing legal isolation, and therefore these transferred loans do not meet the requirements for sale accounting under ASC 860, "Transfers and Servicing." The transaction has been accounted for in accordance with ASC 860-30, with the transferred assets classified as Collateralized receivables, net and the cash proceeds received from this transaction classified as Secured borrowings on collateralized receivables within the Consolidated Balance Sheets. We have elected to apply the fair value option to the collateralized receivables and related secured borrowings under ASC 820, "Fair Value Measurements and Disclosures." The balance of collateralized receivables was $56.2 million (gross collateralized receivable of $59.1 million less fair value adjustments of $2.9 million) as of December 31, 2023. The balance of secured borrowings on collateralized receivables was $55.8 million (gross secured borrowings of $53.9 million plus fair value adjustments of $1.9 million) as of December 31, 2023. The notes represent financing to purchasers of manufactured homes located in our communities and require monthly principal and interest payments. The notes had a net weighted average interest rate and maturity of 8.6% and 14.2 years as of December 31, 2023. Refer to Note 16, "Fair Value of Financial Instruments," for additional details. The collateralized receivables earn interest income and the secured borrowings accrue interest expense at the same amount. The amount of interest income and interest expense recognized during the year ended December 31, 2023 was $0.6 million.

- Definition

The entire disclosure for a transferor's continuing involvement in financial assets that it has transferred in a securitization or asset-backed financing arrangement, the nature of any restrictions on assets reported by an entity in its statement of financial position that relate to a transferred financial asset (including the carrying amounts of such assets), how servicing assets and servicing liabilities are reported, and (for securitization or asset-backed financing arrangements accounted for as sales) when a transferor has continuing involvement with the transferred financial assets and transfers of financial assets accounted for as secured borrowings, how the transfer of financial assets affects an entity's financial position, financial performance, and cash flows.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(7)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)(2)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(4)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)(5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-3

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//860/tableOfContent

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (cc)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-3

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)(5)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 4D
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481326/860-20-50-4D

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-1A

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481420/860-30-50-7

Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 860
-SubTopic 50
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-2

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 50
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481229/860-50-50-4

+ Details

Investment in Nonconsolidated Affiliates - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2023	Dec. 31, 2022
RezPlot
Schedule of Equity Method Investments [Line Items]
Ownership interest	0.00%	0.00%	48.90%
Settlement of notes receivable balance	$ 12.2
Gain from sale of investment	$ 15.3	$ 15.3
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%	50.00%	50.00%
GTSC
Schedule of Equity Method Investments [Line Items]
Ownership interest	40.00%	40.00%	40.00%
Origen Financial Services
Schedule of Equity Method Investments [Line Items]
Ownership interest	0.00%	0.00%	0.00%
Gain from sale of investment			$ 0.3
Proceeds from sale of equity method investment			$ 0.6
SV Lift, LLC
Schedule of Equity Method Investments [Line Items]
Ownership interest	50.00%	50.00%	50.00%

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

16. Fair Value of Financial Instruments

Our financial instruments consist primarily of cash, cash equivalents and restricted cash, marketable securities, notes and other receivables, derivative assets and liabilities, debt, warrants and other liabilities. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures, pursuant to ASC 820, "Fair Value Measurements and Disclosures."

Assets by Hierarchy Level


	December 31, 2023
	Carrying Value		Fair Value
			Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets
Cash, cash equivalents and restricted cash	$	42.7	$	42.7	$	—	$	—	$	42.7

Installment notes receivable on manufactured homes, net	19.6		—		—		19.6		19.6

Notes receivable from real estate developers and operators	134.5		—		—		134.5		134.5
Collateralized receivables, net	56.2		—		—		56.2		56.2
Derivative assets	11.7		—		11.7		—		11.7
Total assets measured at fair value	$	264.7	$	42.7	$	11.7	$	210.3	$	264.7

Financial Liabilities
Mortgage loan payable	$	3,478.9	$	—	$	3,167.0	$	—	$	3,167.0
Secured borrowings on collateralized receivables	55.8		—		—		55.8		55.8
Total secured debt	3,534.7		—		3,167.0		55.8		3,222.8
Unsecured debt
Senior unsecured notes	2,177.5		—		1,973.2		—		1,973.2

Line of credit and other unsecured debt	2,065.1		—		2,065.1		—		2,065.1
Total unsecured debt	4,242.6		—		4,038.3		—		4,038.3
Derivative liabilities	7.7		—		7.7		—		7.7
Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,805.2	$	—	$	7,213.0	$	76.0	$	7,289.0


	December 31, 2022
			Fair Value
	Carrying Value		Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Financial Assets
Cash, cash equivalents and restricted cash	$	90.4	$	90.4	$	—	$	—	$	90.4
Marketable securities	127.3		127.3		—		—		127.3
Installment notes receivable on manufactured homes, net	65.9		—		—		65.9		65.9

Notes receivable from real estate developers and operators	305.2		—		—		305.2		305.2
Derivative assets	32.0		—		32.0		—		32.0
Total assets measured at fair value	$	620.8	$	217.7	$	32.0	$	371.1	$	620.8

Financial Liabilities
Mortgage loan payable	$	3,217.8	$	—	$	2,814.1	$	—	$	2,814.1
Unsecured debt
Senior unsecured notes	1,779.6		—		1,432.7		—		1,432.7


Line of credit and other unsecured debt	2,199.8		—		2,199.8		—		2,199.8
Total unsecured debt	3,979.4		—		3,632.5		—		3,632.5
Other financial liabilities (contingent consideration)	20.2		—		—		20.2		20.2
Total liabilities measured at fair value	$	7,217.4	$	—	$	6,446.6	$	20.2	$	6,466.8

We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures. The following methods and assumptions were used in order to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value:

Cash, Cash Equivalents and Restricted Cash

The carrying values of cash, cash equivalents and restricted cash approximate their fair market values due to the short-term nature of the instruments. These are classified as Level 1 in the hierarchy.

Marketable Securities

The fair value is measured by the quoted unadjusted share price which is readily available in active markets (Level 1). The change in the marketable securities balance is as follows (in millions):



	December 31, 2023		December 31, 2022
Beginning Balance	$	127.3	$	186.9

Change in fair value measurement	(16.0)		(53.4)
Foreign currency exchange losses	(7.8)		(7.7)
Dividend reinvestment, net of tax	—		1.5
Dispositions(1)	(103.5)		—
Ending Balance	$	—	$	127.3

Installment Notes Receivable on Manufactured Homes and Collateralized Receivables

Installment notes receivable on manufactured homes and collateralized receivables are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs, inclusive of default rates, interest rates and recovery rates (Level 3). Refer to Note 4, "Notes and Other Receivables" and Note 5, "Collateralized Receivables and Transfers of Financial Assets," for additional information.

Notes Receivable from Real Estate Developers and Operators

Notes receivable from real estate developers and operators are recorded at fair value and are measured using model-derived indicative pricing using primarily unobservable inputs including interest rates and counterparty performance (Level 3). The carrying values of the notes generally approximate their fair market values either due to the nature of the note and / or the note being secured primarily by underlying real estate and other collateral and / or personal guarantees. Refer to Note 4, "Notes and Other Receivables," for additional information.

Derivatives Assets and Liabilities - Interest Rate Derivatives

Interest rate derivatives are recorded at fair value and consist of treasury rate lock contracts, interest rate swaps and forward swaps. The fair value of these financial instruments are measured using observable inputs based on the 10-year treasury note rate, the SOFR and SONIA Rates, respectively (Level 2).

Secured Debt

Mortgage term loans - the fair value of mortgage term loans is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 9, "Debt and Line of Credit," for additional information.

Secured borrowings on collateralized receivables - recorded at fair value and adjusted based on the same interest rates as the related collateralized receivables (Level 3). Refer to Note 5, "Collateralized Receivables and Transfers of Financial Assets" and Note 9, "Debt and Line of Credit," for additional information.

Unsecured Debt

Senior unsecured notes - the fair value of senior unsecured notes is based on the estimates of management and on rates currently quoted, rates currently prevailing for comparable loans and instruments of comparable maturities (Level 2). Refer to Note 9, "Debt and Line of Credit," for additional information.

Line of credit and other unsecured debt - consists primarily of our Senior Credit Facility. We have variable rates on our Senior Credit Facility. The fair value of the debt with variable rates approximates carrying value as the interest rates of these amounts approximate market rates (Level 2). The estimated fair value of our debt as of December 31, 2023 approximated its gross carrying value.

Other Financial Liabilities

We estimate the fair value of contingent consideration liabilities based on valuation models using significant unobservable inputs that generally consider discounting of future cash flows using market interest rates and adjusting for non-performance risk over the remaining term of the liability (Level 3).

Level 3 Reconciliation, Measurements and Transfers

We review the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3 at the beginning fair value for the reporting period in which the changes occur. Availability of secondary market activity and consistency of pricing from third-party sources impacts our ability to classify securities as Level 2 or Level 3. There were no transfers into or out of Level 3 during the years ended December 31, 2023 and 2022.


	Year Ended
	December 31, 2023												December 31, 2022
Assets:	Installment Notes Receivable on MH, net			Notes Receivable From Real Estate Developers and Operators			Collateralized Receivables, net			Warrants			Installment Notes Receivable on MH, net		Notes Receivable From Real Estate Developers and Operators		Warrants
Level 3 beginning balance at December 31, 2023 and 2022	$	65.9		$	305.2		$	—		$	—		$	79.1	$	284.0	$	—


Realized gains / (losses)	(3.8)		(1)	(102.9)		(1)	1.5		(2)	(0.4)		(3)	(0.8)		—		(3.4)		(3)
Purchases and issuances	22.0			187.4			—			0.4			1.0		79.3		3.4
Sales and settlements	(9.2)			(275.0)			(0.6)			—			(13.4)		(34.9)		—

Foreign currency exchange gains / (losses)	—			19.7			—			—			—		(23.3)		—

Other adjustments(4)	(55.3)			0.1			55.3			—			—		0.1		—
Level 3 ending balance at December 31, 2023 and 2022	$	19.6		$	134.5		$	56.2		$	—		$	65.9	$	305.2	$	—

(1) Realized losses recorded within Gain / (loss) on remeasurement of notes receivable on the Consolidated Statements of Operations.

(2) Realized gains recorded within Other expense, net on the Consolidated Statements of Operations.

(3) Realized losses recorded within Income from nonconsolidated affiliates on the Consolidated Statements of Operations.


	Year Ended
	December 31, 2023					December 31, 2022
Liabilities:	Secured Borrowing on Collateralized Receivables			Other Liabilities (Contingent Consideration)		Secured Borrowing on Collateralized Receivables		Other Liabilities (Contingent Consideration)
Level 3 beginning balance at December 31, 2023 and 2022	$	—		$	20.2	$	—	$	20.2


Realized losses	1.9		(1)	—		—		—
Purchases and issuances	54.5			—		—		—
Sales and settlements	(0.6)			—		—		—

Other adjustments	—			—		—		—
Level 3 ending balance at December 31, 2023 and 2022(1)	$	55.8		$	20.2	$	—	$	20.2

(1) Realized losses are recorded within Other expense, net on the Consolidated Statements of Operations.

Although we have determined the estimated fair value amounts using available market information and commonly accepted valuation methodologies, considerable judgment is required in interpreting market data to develop fair value estimates. The fair value estimates are based on information available as of December 31, 2023. As such, our estimates of fair value could differ significantly from the actual carrying value.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Real Estate Acquisitions and Dispositions - Schedule of 2023 Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Asset Acquisitions
Investment in property		$ 107.4
Inventory of manufactured homes, boat parts and retail related items		0.1
Goodwill and other intangible assets		0.4
Other assets, net		(4.2)
Total identifiable assets acquired net of liabilities assumed		112.1
Cash and escrow		7.1
Temporary and permanent equity		105.0
Total consideration		112.1
Issuance of common stock and common OP units, net		28.3	$ 1,249.1	$ 1,079.3
Fox Run
Asset Acquisitions
Investment in property		7.2
Inventory of manufactured homes, boat parts and retail related items		0.0
Goodwill and other intangible assets		0.0
Other assets, net		0.0
Total identifiable assets acquired net of liabilities assumed		7.2
Cash and escrow		2.8
Temporary and permanent equity		4.4
Total consideration		7.2
Fox Run \| Common OP units
Asset Acquisitions
Issuance of common stock and common OP units, net (in shares)	31,289
Issuance of common stock and common OP units, net	$ 4.4	4.4
Savannah Yacht Center
Asset Acquisitions
Investment in property		100.2
Inventory of manufactured homes, boat parts and retail related items		0.1
Goodwill and other intangible assets		0.4
Other assets, net		(4.2)
Total identifiable assets acquired net of liabilities assumed		104.9
Cash and escrow		4.3
Temporary and permanent equity		100.6
Total consideration		$ 104.9
Savannah Yacht Center \| Series K preferred OP units
Asset Acquisitions
Issuance of common stock and common OP units, net (in shares)		1,000,000
Issuance of common stock and common OP units, net		$ 100.6

Income Taxes - Schedule of Components of Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Federal
Current	$ 0.0	$ 0.0	$ 0.0
Current	0.0	0.0	0.0
State and Local
Current	2.9	2.3	1.1
Deferred	0.0	0.0	(0.1)
Foreign
Current	11.6	8.0	0.1
Deferred	(22.9)	(4.2)	0.2
Total provision / (benefit)	$ (8.4)	$ 6.1	$ 1.3

Notes and Other Receivables (Tables)

12 Months Ended

Dec. 31, 2023

Notes and Loans Payable, by Type, Current and Noncurrent [Abstract]

Schedule of Notes and Other Receivables

The following table sets forth certain information regarding notes and other receivables (in millions):


	December 31, 2023		December 31, 2022
Installment notes receivable on manufactured homes, net	$	19.6	$	65.9
Notes receivable from real estate developers and operators	134.5		305.2
Other receivables, net	267.5		246.2
Total Notes and Other Receivables, net	$	421.6	$	617.3

Schedule of Other Receivables

Other receivables, net were comprised of amounts due from the following categories (in millions):


	December 31, 2023		December 31, 2022
Insurance receivables	$	77.8	$	78.0
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net(1)	65.9		61.5
Marina customers for storage, service and lease payments, net(2)	46.8		41.8
Home sale proceeds	28.2		28.9
Other receivables(3)	48.8		36.0
Total Other Receivables, net	$	267.5	$	246.2

(1)Net of allowance of $4.8 million and $5.9 million as of December 31, 2023 and 2022, respectively.

(2)Net of allowance of $2.9 million and $2.2 million as of December 31, 2023 and 2022, respectively.

Quarterly Financial Data (Unaudited and Restated) - Schedule of Shareholders' Equity (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity	$ 7,173.0	$ 7,481.9	$ 7,466.2	$ 7,754.6	$ 7,888.5	$ 6,730.6	$ 5,627.3
Equity interest	260.9	299.8	294.0	298.8	202.9	288.9	264.4
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		(353.9)	(322.3)	(15.5)
Equity interest		(4.7)	(4.1)	(0.1)
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		7,835.8	7,788.5	7,770.1
Equity interest		304.5	298.1	298.9
Accumulated other comprehensive income
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity	12.2	16.4	36.2	7.4	(9.9)	3.1	3.2
Accumulated other comprehensive income \| Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		11.2	(1.4)	(0.3)
Accumulated other comprehensive income \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		5.2	37.6	7.7
Distributions in excess of accumulated earnings
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		(2,203.4)	(2,210.4)	(1,889.8)
Distributions in excess of accumulated earnings \| Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		(355.2)	(312.2)	(14.8)
Distributions in excess of accumulated earnings \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		(1,848.2)	(1,898.2)	(1,875.0)
Noncontrolling interests
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity	90.2	86.1	71.7	79.4	78.7	106.7	102.0
Noncontrolling interests \| Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		(9.9)	(8.7)	(0.4)
Noncontrolling interests \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		96.0	80.4	79.8
Total Shareholders' Equity
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		7,481.9	7,466.2	7,754.6
Total Shareholders' Equity \| Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		(353.9)	(322.3)	(15.5)
Total Shareholders' Equity \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		7,835.8	7,788.5	7,770.1
Total Equity
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity	$ 7,433.9	7,781.7	7,760.2	8,053.4	$ 8,091.4	$ 7,019.5	$ 5,891.7
Total Equity \| Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		(358.6)	(326.4)	(15.6)
Total Equity \| As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Equity		$ 8,140.3	$ 8,086.6	$ 8,069.0

Share-Based Compensation - Narrative (Details) $ in Millions		12 Months Ended
	May 17, 2018 shares	Dec. 31, 2023 USD ($) plan shares	May 17, 2022 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of plans \| plan		2
Unrecognized share-based compensation costs \| $		$ 86.4
Expected period of recognition for unrecognized share-based compensation costs		1 year 8 months 12 days
2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under plan (in shares)			4,750,000
Number of shares available for future issuance under plan (in shares)		2,813,901
2004 Non-Employee Director Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Change in number of shares authorized under plan (in shares)	200,000
Director Plans
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares issued under plan (in shares)		375,000
Number of shares available for future issuance under plan (in shares)		141,965
Time Based \| Directors \| Restricted Stock \| 2004 Non-Employee Director Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years
Time Based \| Key Employees and Executive Officers \| Restricted Stock \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		5 years
Market Condition \| Executive Officers \| Restricted Stock \| 2015 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period		3 years

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	$ 582.3	$ 733.6
(Loss) gain on derivatives	(4.9)	64.3	$ 0.4
Gains on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings	14.9	1.3	0.0
Treasury Rate Lock and Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	1,041.5
(Loss) gain on derivatives	(4.9)	64.3	0.4
Gains on derivative instruments reclassified from Accumulated Other Comprehensive Income into earnings	14.9	1.3	$ 0.0
Treasury Rate Lock and Interest Rate Swap \| Cash Flow Hedging \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Assets	11.7
Fair Value of Liabilities	$ 7.7
Treasury Rate Lock
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional				$ 100.0	$ 200.0	$ 150.0
Treasury Rate Lock \| Cash Flow Hedging \| Designated as Hedging Instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional		733.6
Treasury Rate Lock \| Cash Flow Hedging \| Designated as Hedging Instrument \| Significant Other Observable Inputs (Level 2)
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair Value of Assets		32.0
Fair Value of Liabilities		$ 0.0

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

A presentation of our segment financial information is summarized as follows (amounts in millions):


	Year Ended
	December 31, 2023								December 31, 2022								December 31, 2021
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Operating revenues	$	1,487.4	$	698.4	$	932.8	$	3,118.6	$	1,422.8	$	689.9	$	786.9	$	2,899.6	$	1,059.7	$	606.4	$	564.1	$	2,230.2
Operating expenses / Cost of sales	709.0		358.5		620.8		1,688.3		661.1		359.6		498.4		1,519.1		438.7		318.8		351.8		1,109.3
NOI	$	778.4	$	339.9	$	312.0	$	1,430.3	$	761.7	$	330.3	$	288.5	$	1,380.5	$	621.0	$	287.6	$	212.3	$	1,120.9
Adjustments to arrive at net income
Interest income							45.4								35.2								12.2
Brokerage commissions and other revenues, net							60.6								34.9								30.2
General and administrative expense							(270.2)								(256.8)								(181.3)
Catastrophic event-related charges, net							(3.8)								(17.5)								(2.2)
Business combination expense, net							(3.0)								(24.7)								(1.4)
Depreciation and amortization							(660.0)								(601.8)								(522.7)
Asset impairments							(10.1)								(3.0)								—
Goodwill impairment							(369.9)								—								—
Loss on extinguishment of debt (see Note 9)							—								(4.4)								(8.1)
Interest expense							(325.8)								(229.8)								(158.6)
Interest on mandatorily redeemable preferred OP units / equity							(3.3)								(4.2)								(4.2)
Gain / (loss) on remeasurement of marketable securities							(16.0)								(53.4)								33.5
Gain / (loss) on foreign currency exchanges							(0.3)								5.4								(3.7)
Gain on dispositions of properties							11.0								12.2								108.1
Other expense, net							(7.5)								(2.1)								(12.1)
Gain / (loss) on remeasurement of notes receivable							(106.7)								(0.8)								0.7
Income from nonconsolidated affiliates (see Note 7)							16.0								2.9								4.0
Loss on remeasurement of investment in nonconsolidated affiliates							(4.2)								(2.7)								(0.2)
Current tax expense (see Note 13)							(14.5)								(10.3)								(1.2)
Deferred tax benefit / (expense) (see Note 13)							22.9								4.2								(0.1)
Net Income / (Loss)							(209.1)								263.8								413.8
Less: Preferred return to preferred OP units / equity interests							12.3								11.0								12.1
Less: Income attributable to noncontrolling interests							(8.1)								10.8								21.5



Net Income / (Loss) Attributable to SUI Common Shareholders							$	(213.3)							$	242.0							$	380.2


	December 31, 2023								December 31, 2022
	MH		RV		Marina		Consolidated		MH		RV		Marina		Consolidated
Identifiable Assets
Investment property, net	$	7,510.3	$	3,718.8	$	3,214.5	$	14,443.6	$	7,181.7	$	3,744.3	$	3,045.0	$	13,971.0
Cash, cash equivalents and restricted cash	24.5		11.8		6.4		42.7		49.4		30.3		10.7		90.4
Marketable securities	—		—		—		—		82.4		44.9		—		127.3
Inventory of manufactured homes	181.3		24.3		—		205.6		189.1		13.6		—		202.7
Notes and other receivables, net	247.6		119.7		54.3		421.6		475.2		96.5		45.6		617.3
Collateralized receivables, net	56.2		—		—		56.2		—		—		—		—
Goodwill	182.0		9.5		541.5		733.0		467.4		9.5		541.5		1,018.4
Other intangible assets, net	88.3		29.0		252.2		369.5		97.9		32.6		271.5		402.0
Other assets, net	380.2		47.6		240.7		668.5		356.1		63.0		236.0		655.1
Total Assets	$	8,670.4	$	3,960.7	$	4,309.6	$	16,940.7	$	8,899.2	$	4,034.7	$	4,150.3	$	17,084.2

Goodwill and Other Intangible Assets (Tables)

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Goodwill

Changes in the carrying amount of goodwill during the years ended December 31, 2023 and 2022, respectively, by reportable segment were as follows (in millions):


	Goodwill by Segment
	MH		RV		Marina		Total
Balance as of January 1, 2022	$	—	$	—	$	495.4	$	495.4
Acquisitions(1)	465.0		9.5		41.5		516.0
Currency Translation Adjustment	(36.7)		—		—		(36.7)
Other(2)	39.1		—		4.6		43.7
Balance as of December 31, 2022	$	467.4	$	9.5	$	541.5	$	1,018.4

Impairments(3)	(369.9)		—		—		(369.9)
Currency Translation Adjustment	23.8		—		—		23.8
Other(4)	60.7		—		—		60.7
Balance as of December 31, 2023	$	182.0	$	9.5	$	541.5	$	733.0

Schedule of Finite-Lived Intangible Assets

The gross carrying amounts and accumulated amortization of our intangible assets were as follows (in millions):


		December 31, 2023				December 31, 2022
Other Intangible Asset	Useful Life	Gross Carrying Amount		Accumulated Amortization		Gross Carrying Amount		Accumulated Amortization
In-place leases	2 months - 13 years	$	166.0	$	(146.2)	$	165.7	$	(135.4)
Non-competition agreements	5 years	10.5		(6.2)		10.5		(4.1)
Trademarks and trade names	3 - 15 years	85.3		(12.3)		81.2		(5.5)
Customer relationships	4 - 17 years	131.6		(37.3)		131.5		(24.7)
Franchise agreements and other intangible assets	1 - 27 years	48.4		(14.3)		48.3		(8.9)
Total finite-lived assets		441.8		(216.3)		437.2		(178.6)
Indefinite-lived assets - Trademarks and trade names	N/A	141.0		—		140.9		—
Indefinite-lived assets - Other	N/A	3.0		—		2.5		—
Total indefinite-lived assets		144.0		—		143.4		—
Total		$	585.8	$	(216.3)	$	580.6	$	(178.6)

Schedule of Intangible Assets Amortization Expense

Amortization expenses related to our Other intangible assets were as follows (in millions):


	Year Ended
Other Intangible Asset Amortization Expense	December 31, 2023		December 31, 2022		December 31, 2021
In-place leases	$	11.1	$	15.3	$	28.5
Non-competition agreements	2.1		2.1		2.0
Trademarks and trade names	6.5		4.5		0.9
Customer relationships	12.7		12.3		9.9
Franchise fees and other intangible assets	4.7		2.7		2.2
Total	$	37.1	$	36.9	$	43.5

Schedule of Finite-Lived Intangible Assets, Future Amortization Expense

We anticipate amortization expense for Other intangible assets to be as follows for the next five years (in millions):


Other Intangible Asset Future Amortization Expense	2024		2025		2026		2027		2028
In-place leases	$	7.0	$	6.2	$	3.5	$	2.0	$	0.8
Non-competition agreements	2.1		2.1		0.1		—		—
Trademarks and trade names	5.4		5.4		5.4		5.4		5.4
Customer relationships	12.7		12.7		12.3		12.2		12.1
Franchise agreements and other intangible assets	3.1		3.0		2.7		2.5		2.5
Total	$	30.3	$	29.4	$	24.0	$	22.1	$	20.8

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482573/350-20-50-2

+ Details

Earnings / (Loss) Per Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted EPS (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	5,992	3,534	4,558
Common OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	2,735	0	0
Series A-1 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	202	208	275
A-3 preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	40	40	40
Aspen preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)		1,259	1,284
Series C preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	306	306	306
Series D preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	489	489	489
Series E preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	80	80	90
Series F preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	90	90	90
Series G preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	211	241	241
Series H preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	581	581	581
Series I preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)			922
Series J preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	238	240	240
Series K preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	1,000
Series L preferred OP units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total securities (in shares)	20

Investment in Nonconsolidated Affiliates - Schedule of Income (Loss) from Nonconsolidated Affiliates (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	$ 16.0	$ 2.9	$ 4.0
RezPlot
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	11.1	(4.7)	(2.9)
Sungenia JV
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	3.2	2.2	1.8
GTSC
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	3.3	5.9	6.1
Origen Financial Services
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	0.0	0.6	0.2
SV Lift, LLC
Schedule of Equity Method Investments [Line Items]
Total Income from Nonconsolidated Affiliates	$ (1.6)	$ (1.1)	$ (1.2)

Debt and Line of Credit - Schedule of Senior Unsecured Notes (Details) - USD ($) $ in Millions	1 Months Ended
	Jan. 31, 2023	Dec. 31, 2023	Dec. 31, 2022	Apr. 15, 2022	Oct. 05, 2021	Jun. 28, 2021
Senior unsecured notes
Debt Instrument [Line Items]
Principal amount		$ 2,200.0
Unsecured debt		2,177.5	$ 1,779.6
5.7% notes, issued in January 2023 and due in January 2033(1)
Debt Instrument [Line Items]
Interest Rate	5.70%
Principal amount	$ 400.0
Unsecured debt		395.7	0.0
Term (in years)	10 years
Net proceeds from offering	$ 395.3
4.2% notes, issued in April 2022 and due in April 2032
Debt Instrument [Line Items]
Interest Rate				4.20%
Principal amount				$ 600.0
Unsecured debt		592.6	591.8
2.3% notes, issued in October 2021 and due in November 2028
Debt Instrument [Line Items]
Interest Rate					2.30%
Principal amount					$ 450.0
Unsecured debt		446.8	446.2
2.7% notes, issued in June 2021 and October 2021, and due in July 2031
Debt Instrument [Line Items]
Interest Rate						2.70%
Principal amount						$ 750.0
Unsecured debt		$ 742.4	$ 741.6

Leases - Schedule of Maturities of Financial Liability (Details) - UNITED KINGDOM - Park Holidays - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
Sale Leaseback Transaction [Line Items]
2024	$ 11.4
2025	12.0
2026	12.1
2027	12.2
2028	12.1
Thereafter	1,757.2
Total Payments	1,817.0
Less: Imputed interest	(1,457.3)
Present Value of Financial Liability	$ 359.7	$ 339.7

Derivative Financial Instruments - Derivatives Terminated (Details) - USD ($) $ in Millions	3 Months Ended			12 Months Ended
	Dec. 31, 2023	Mar. 31, 2023	Jun. 30, 2022	Dec. 31, 2023	Dec. 31, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Notional amount, terminated	$ 50.0	$ 250.0	$ 600.0	$ 300.0	$ 600.0
Cash Settlement Received	$ 6.0	$ 7.4	$ 35.3	$ 13.4	$ 35.3

Notes and Other Receivables - Schedule of Other Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Jan. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
Insurance receivables	$ 77.8	$ 78.0
MH and annual RV residents for rent, utility charges, fees and other pass-through charges, net	65.9	61.5
Marina customers for storage, service and lease payments, net	46.8	41.8
Home sale proceeds	28.2	28.9
Other receivables	48.8	36.0
Total Other Receivables, net	267.5	246.2
Allowances	$ 4.8	5.9
Drawn period	3 years
Notes and other receivables, net	$ 421.6	$ 617.3
RezPlot
Accounts, Notes, Loans and Financing Receivable [Line Items]
Ownership interest	0.00%	48.90%
Principal amount	$ 10.0		$ 5.0
Interest Rate	3.00%
Notes and other receivables, net		$ 12.7
Marina
Accounts, Notes, Loans and Financing Receivable [Line Items]
Allowances	$ 2.9	$ 2.2

Real Estate Acquisitions and Dispositions

12 Months Ended

Dec. 31, 2023

Business Combination and Asset Acquisition [Abstract]

Real Estate Acquisitions and Dispositions

3. Real Estate Acquisitions and Dispositions

2023 Acquisitions and Dispositions

For the year ended December 31, 2023, we acquired the following properties:

Property Name(1)

Type

Sites, Wet Slips and
Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Fox Run

MH: asset acquisition

January

Savannah Yacht Center

Marina: asset acquisition

—

March

Total

(1) Property names are subject to changes subsequent to acquisition.


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		Goodwill and other intangible assets		Other assets, net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(1)		Total consideration
Asset Acquisitions(2)
Fox Run(3)	$	7.2	$	—	$	—	$	—	$	7.2	$	2.8	$	4.4	$	7.2
Savannah Yacht Center(4)	100.2		0.1		0.4		4.2		104.9		4.3		100.6		104.9



Total	$	107.4	$	0.1	$	0.4	$	4.2	$	112.1	$	7.1	$	105.0	$	112.1

(1) Refer to Note 10, "Equity and Temporary Equity," for additional detail.

(2) Property names are subject to changes subsequent to acquisition.

(3) In conjunction with the acquisition, the Operating Partnership issued 31,289 common OP units valued at $4.4 million.

(4) In conjunction with the acquisition, the Operating Partnership issued one million Series K preferred OP units valued at $100.6 million.

As of December 31, 2023, we had incurred and capitalized $3.1 million of transaction costs, which have been allocated among various fixed asset categories for purchases that meet the asset acquisition criteria. During the year ended December 31, 2023, we recognized $3.0 million of business combination expenses in connection with transactions completed during 2022.

2023 Development and Expansion Activities

During the year ended December 31, 2023, we acquired four land parcels located in the U.S. and one land parcel in the UK for an aggregate purchase price of $35.8 million.

2023 Dispositions

In December 2023, as part of a transaction with our joint venture partners in Sun NG RV Resorts, Sun NG Whitewater RV Resorts LLC, Sun NG Beaver Brook LLC and four standalone affiliates (collectively, "Sun NG"), we disposed of our majority equity interest owned in three consolidated joint venture RV properties with 955 developed sites. Refer to Note 8, "Consolidated Variable Interest Entities," for more information on the Sun NG transaction.

In August 2023, we sold one MH community located in Maine with 155 developed sites at its net carrying value for cash consideration of $6.8 million. The property was previously classified as held for sale during the three months ended June 30, 2023, with its net carrying value of $13.1 million written down by $6.3 million within Asset impairments on our Consolidated Statements of Operations, to a fair value less cost to sell of $6.8 million.

In February 2023, we sold two parcels of land in the UK for total consideration of $111.5 million. The consideration consisted of $108.8 million in the form of an operator note receivable that was added to an existing facility with a weighted average interest rate of 11.9% per annum, due May 31, 2023 and subsequently extended to July 31, 2023 as part of the operator's total facility. On the date of sale, the carrying value of the note receivable approximated its fair value due to its short term nature. The dispositions resulted in a loss on sale totaling $2.2 million during the year ended December 31, 2023, net of the release of foreign currency translation losses from Accumulated other comprehensive income / (loss) ("AOCI") of $11.9 million. The total loss on sale was recorded in Gain on dispositions of properties on the Consolidated Statements of Operations. As of December 31, 2023, we have reacquired these two parcels of land at fair value as part of the settlement of the related note receivable, with no remeasurement gain or loss recognized. Refer to Note 4, "Notes and Other Receivables," for additional information on the settlement of the notes receivable.

Real Estate Held For Sale - Changes to a Plan of Sale

We periodically classify real estate as "held for sale" after an active program to sell an asset has commenced and when the sale is probable. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded.

In February 2023, the criteria was met to classify Sandy Bay, an operating MH community in the UK, with 730 developed sites, as held for sale. Previously, this property had been under contract. At December 31, 2023, the sale contract was no longer in effect, and due to an unexpected change in circumstance related to the counterparty, we reclassified the property as held for use. In accordance with ASC Topic 360, "Property, Plant, and Equipment," we recorded the property at the lower of the carrying amount before the asset was held for sale, adjusted for depreciation and amortization expense that would have been recognized had the asset been continually classified as held for use, and the fair value at the time of the reclassification. During the three months ended December 31, 2023, we recorded depreciation and amortization expense of $1.3 million in conjunction with the reclassification of the property. The following assets and liabilities, which were previously classified as held for sale within Other assets and Other liabilities, respectively, were reclassified as of December 31, 2023: Investment in property, net of $259.0 million, Inventory of manufactured homes of $4.6 million, Other intangible assets of $1.3 million, and Other liabilities, net of $55.8 million.

Acquisitions and Dispositions

For the year ended December 31, 2022, we acquired the following MH and RV communities and marinas:

Property Name(1)

Type

Sites, Wet Slips and Dry Storage Spaces

Development Sites

State, Province or Country

Month Acquired

Harrison Yacht Yard(2)

Marina: asset acquisition

—

January

Outer Banks

Marina: asset acquisition

196

—

January

Jarrett Bay Boatworks

Marina: business combination

—

February

Tower Marine

Marina: asset acquisition

446

—

March

Sandy Bay

MH: asset acquisition

730

456

March

Park Holidays(3)(4)

MH: business combination

15,906

608

April

Christies Parks(2)(4)

MH: asset acquisition

249

—

April

Bluewater

Marina: asset acquisition

200

—

Multiple

April

Bluewater Yacht Sales(2)

Marina: business combination

—

Multiple

April

Bodmin Holiday Park(4)

MH: asset acquisition

—

April

Kittery Point

Marina: asset acquisition

—

May

Spanish Trails MHC

MH: asset acquisition

195

June

Pine Acre Trails

MH: asset acquisition

251

603

June

Bel Air Estates & Sunrise Estates(5)

MH: asset acquisition

379

—

June

Park Leisure(4)(6)

MH: business combination

2,914

123

June

Montauk Yacht Club

Marina: business combination

232

—

July

Callaly Leisure(4)(7)

MH: asset acquisition

380

823

September

Newhaven(4)

MH: asset acquisition

224

October

Bayfront Marina

Marina: asset acquisition

583

—

November

Marina Bay Yacht Harbor

Marina: asset acquisition

800

—

December

Jellystone Lincoln

RV: asset acquisition

267

—

December

Norway Commons

MH: asset acquisition

231

December

Total

24,347

2,655

(1) Property names are subject to changes subsequent to acquisition.

(2) Combined with an existing property.

(3) Includes 40 owned and two managed properties.

(4) Included in the Park Holidays business.

(5) Includes two properties.

(6) Includes 11 properties.

(7) Includes one development property.

The following table summarizes the amounts of assets acquired, net of liabilities assumed, at the acquisition date and the consideration paid for the acquisitions completed in 2022 (in millions):


	At Acquisition Date										Consideration
	Investment in property		Inventory of manufactured homes, boat parts and retail related items		In-place leases, goodwill and other intangible assets(1)		Other assets / (liabilities), net		Total identifiable assets acquired net of liabilities assumed		Cash and escrow		Temporary and permanent equity(2)		Total consideration
Asset Acquisitions(3)
Harrison Yacht Yard(4)	$	5.8	$	—	$	—	$	—	$	5.8	$	5.8	$	—	$	5.8
Outer Banks	5.2		—		—		(0.4)		4.8		4.8		—		4.8
Tower Marine	20.2		—		0.2		(2.1)		18.3		18.3		—		18.3
Sandy Bay	247.9		9.4		2.1		(68.3)		191.1		191.1		—		191.1
Christies Parks(4)(5)	10.1		—		—		2.1		12.2		12.2		—		12.2
Bluewater	25.3		1.3		0.1		1.3		28.0		28.0		—		28.0
Bodmin Holiday Park(5)	13.1		—		—		—		13.1		13.1		—		13.1
Kittery Point	8.0		0.1		—		(0.1)		8.0		7.0		1.0		8.0
Spanish Trails MHC	20.6		1.8		—		—		22.4		22.4		—		22.4
Pine Acre Trails	29.7		—		—		—		29.7		29.7		—		29.7
Bel Air Estates & Sunrise Estates	39.3		—		0.7		—		40.0		40.0		—		40.0
Callaly Leisure(5)	23.8		0.1		—		(0.3)		23.6		23.6		—		23.6
Newhaven(5)	6.2		—		—		—		6.2		6.2		—		6.2
Bayfront Marina	11.3		—		0.9		(0.5)		11.7		11.7		—		11.7
Marina Bay Yacht Harbor	16.2		—		0.2		(0.7)		15.7		15.7		—		15.7
Jellystone Lincoln(6)	17.0		—		—		1.2		18.2		18.2		—		18.2
Norway Commons	15.1		0.4		0.3		—		15.8		15.8		—		15.8
Business Combination(3)
Jarrett Bay Boatworks(7)	21.3		1.4		47.5		1.0		71.2		68.4		2.8		71.2
Park Holidays(5)(8)	1,254.7		29.5		574.5		(624.9)		1,233.8		1,199.9		33.9		1,233.8
Park Leisure(5)	259.5		—		76.4		(110.1)		225.8		225.8		—		225.8
Montauk Yacht Club	163.6		0.3		26.3		0.3		190.5		190.5		—		190.5

Total	$	2,213.9	$	44.3	$	729.2	$	(801.5)	$	2,185.9	$	2,148.2	$	37.7	$	2,185.9

(1) Refer to Note 6, "Goodwill and Other Intangible Assets," for additional detail on goodwill and other intangible assets.

(2) Refer to Note 10, "Equity and Temporary Equity," for additional detail.

(3) Property names are subject to changes subsequent to acquisition.

(4) Combined with an existing property.

(5) Included in the Park Holidays business.

As of December 31, 2022, we incurred $19.2 million of transaction costs, which were capitalized and allocated among the various fixed asset categories for purchases that meet the asset acquisition criteria. During the year ended December 31, 2022, we also incurred $24.7 million of business combination expenses, which were expensed for acquisitions deemed to be business combinations.


	Year Ended
	December 31, 2022
Total revenues	$	353.6
Net income	$	13.8

The following unaudited pro forma financial information presents the results of our operations for the years ended December 31, 2022 and 2021, as if the properties combined through business combinations in 2022 had been acquired on January 1, 2021. The unaudited pro forma results reflect certain adjustments for items that are not expected to have a continuing impact, such as adjustments for transaction costs incurred, management fees and acquisition accounting.


	Year Ended (unaudited)
	December 31, 2022		December 31, 2021
Total revenues	$	3,091.3	$	2,726.4
Net income attributable to SUI common shareholders	$	241.2	$	440.5
Net income per share attributable to SUI common shareholders - basic	$	1.99	$	3.89
Net income per share attributable to SUI common shareholders - diluted	$	1.99	$	3.88

2022 Development and Expansion Activities

During the year ended December 31, 2022, we acquired six land parcels located in the U.S. and the UK for an aggregate purchase price of $26.2 million and two buildings and land parcels related to our marinas located in the U.S. for an aggregate purchase price of $13.9 million.

2022 Dispositions

During the three months ended September 30, 2022, we sold an RV community containing 514 sites located in California for $15.0 million. The disposition resulted in a loss on sale of $0.8 million, inclusive of selling costs.

During the three months ended March 31, 2022, we sold two MH communities and one community containing MH and RV sites, each located in Florida, with a total of 323 sites for $29.5 million. The gain from the sale of the properties was $13.3 million.

Refer to Note 21, "Subsequent Events," for information regarding acquisition and dispositions completed after December 31, 2023.

Share-Based Compensation - Schedule of Share-Based Compensation Expensed and Capitalized (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement [Abstract]
Share-based compensation - expensed	$ 40.4	$ 37.6	$ 28.0
Share-based compensation - capitalized	$ 2.5	$ 0.0	$ 0.0

Equity and Temporary Equity - Narrative (Details) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended			12 Months Ended			24 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Nov. 16, 2021 $ / shares salesAgreement shares	Apr. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	Mar. 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	May 16, 2023 $ / shares shares	Mar. 31, 2023 USD ($)	Dec. 31, 2020 USD ($)
Class of Stock [Line Items]
Issuance price (in dollars per share) \| $ / shares								$ 100.00
Equity interest \| $	$ 260.9			$ 288.9				$ 260.9	$ 202.9	$ 288.9	$ 260.9	$ 299.8	$ 294.0		$ 298.8	$ 264.4
Difference in purchase price and noncontrolling interest \| $								$ 125.3	$ 9.4
Share of capital stock issued (in shares)														380,000,000
Common stock, shares authorized (in shares)	360,000,000.0							360,000,000.0	360,000,000.0		360,000,000.0			360,000,000
Common stock, par value (in USD per share) \| $ / shares	$ 0.01							$ 0.01	$ 0.01		$ 0.01			$ 0.01
Common stock, shares outstanding (in shares)	124,436,432							124,436,432	124,000,000.0		124,436,432
Common stock, shares issued (in shares)	124,436,432							124,436,432	124,000,000.0		124,436,432
Preferred shares issued (in shares)	0							0			0
Preferred shares outstanding (in shares)	0							0			0
Number of forward agreements \| salesAgreement		2
Proceeds from offering \| $					$ 275.5	$ 229.5
Aggregate gross sales price \| $				$ 1,250.0
Percentage of gross price per share				2.00%
Shares issued in agreement (in shares)					1,526,212
Park Holidays
Class of Stock [Line Items]
Shares issued (in shares)			186,044
Series L preferred OP units
Class of Stock [Line Items]
Conversion period	5 years							5 years			5 years
Preceding trading days, threshold	60 days							60 days			60 days
Percentage of conversation price, threshold for exchange	1.20							1.20			1.20
Series L preferred OP units \| Maximum
Class of Stock [Line Items]
Conversion price (in dollars per share) \| $ / shares	$ 160
Series K preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)	1,000,000							1,000,000			1,000,000
Preceding trading days, threshold	60 days							60 days			60 days
Percentage of conversation price, threshold for exchange	1.20							1.20			1.20
Equity interest \| $	$ 96.7							$ 96.7	$ 0.0		$ 96.7
Series K preferred OP units \| Maximum
Class of Stock [Line Items]
Conversion price (in dollars per share) \| $ / shares	$ 170
Public Offering
Class of Stock [Line Items]
Shares issued in offering (in shares)		4,025,000
Offering price (in dollars per share) \| $ / shares		$ 185.00
Issuance of common stock and common OP units, net (in shares)			4,025,000
Proceeds from offering \| $			$ 705.4
December 2021 Sales Agreement
Class of Stock [Line Items]
Shares issued in offering (in shares)					15,000	290,600	600,503
Aggregate gross sales price \| $											$ 160.6
Sales agreement \| $					$ 2.6	$ 50.1	$ 107.9
June 2021 Sales Agreement
Class of Stock [Line Items]
Shares issued in offering (in shares)					620,109					1,820,109
Sales agreement \| $										$ 356.5
Shares issued in agreement (in shares)						1,200,000
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)														20,000,000

Share-Based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement, Noncash Expense [Abstract]

Share-Based Compensation

11. Share-Based Compensation

As of December 31, 2023, we had two share-based compensation plans: the Sun Communities, Inc. 2015 Equity Incentive Plan (as amended, the "2015 Equity Incentive Plan") and the First Amended and Restated 2004 Non-Employee Director Option Plan (as amended, the "2004 Non-Employee Director Option Plan"). We believe granting equity awards will provide certain executives, key employees and directors additional incentives to promote our financial success and promote employee and director retention by providing an opportunity to acquire or increase the direct proprietary interest of those individuals in our operations and future. Time based awards for directors generally vest over three years. Time based awards for key employees and executives generally vest over five years. Market condition awards for executives generally vest after three years.

Restricted Stock

The majority of our share-based compensation is awarded as service vesting restricted stock grants to executives and key employees. We have also awarded restricted stock to our non-employee directors. We measure the fair value associated with these awards using the closing price of our common stock as of the grant date to calculate compensation cost. Employee awards typically vest over several years and are subject to continued employment by the employee. Award recipients receive distribution payments on unvested shares of restricted stock.

First Amendment to the 2015 Equity Incentive Plan

At our 2022 Annual Meeting on May 17, 2022, our shareholders approved the First Amendment to the 2015 Equity Incentive Plan. This amendment increased the number of shares of common stock that may be issued under the 2015 Equity Incentive Plan to 4,750,000. As of December 31, 2023, there were 2,813,901 shares available for future issuance.

UK Sub-Plan

In April 2022, the Board of Directors adopted the UK Sub-Plan under the 2015 Equity Incentive Plan, which is solely applicable to employee participants located in the UK, and establishes certain rules and limitations for participation in the 2015 Equity Incentive Plan by UK employees for the purpose of complying with applicable UK laws.

Non-Employee Director Plans

2021 Non-Employee Directors Deferred Compensation Plan - In November 2021, we adopted the 2021 Non-Employee Directors Deferred Compensation Plan ("2021 Deferred Compensation Plan"). The 2021 Deferred Compensation Plan entitles a non-employee director to annually submit an election to defer all or a portion of his or her eligible share-based and cash compensation.

2004 Non-Employee Director Option Plan - The director option plan was approved by our shareholders at the Annual Meeting of Shareholders held on July 19, 2012. The director option plan amended and restated in its entirety our 2004 Non-Employee Director Stock Option Plan. At the Annual Meeting of the Shareholders held on May 17, 2018, the shareholders approved the First Amendment to the Sun Communities, Inc. First Amended and Restated 2004 Non-Employee Director Option Plan to increase the number of authorized shares under the plan by 200,000 shares.

The types of awards that may be granted under the director option plan are options, restricted stock and OP units. Only non-employee directors are eligible to participate in the director option plan. The maximum number of options, restricted stock and OP units that may be issued under the director option plan is 375,000 shares. As of December 31, 2023, 141,965 shares remained available for future issuance.

During the years ended December 31, 2023 and 2022, shares were granted as follows:


Grant Period	Type	Plan	Shares Granted	Grant Date Fair Value Per Share			Vesting Type
2023	Key Employees	2015 Equity Incentive Plan	220,858	$	137.14	(1)	Time Based
2023	Executive Officers	2015 Equity Incentive Plan	62,800	$	144.88	(1)	Time Based
2023	Executive Officers	2015 Equity Incentive Plan	82,200	$	108.60	(2)	Market Condition(3)
2023	Directors	2004 Non-Employee Director Option Plan	16,000	$	148.12	(1)	Time Based
2022	Key Employees	2015 Equity Incentive Plan	203,210	$	179.23	(1)	Time Based
2022	Executive Officers	2015 Equity Incentive Plan	66,000	$	178.20	(1)	Time Based
2022	Executive Officers	2015 Equity Incentive Plan	91,500	$	124.88	(2)	Market Condition(3)
2022	Directors	2004 Non-Employee Director Option Plan	11,900	$	197.00	(1)	Time Based

(1)Represents the weighted average fair value per share of the closing price of our common stock on the dates the shares were awarded.

(2)Represents the weighted average fair value per share of the Monte Carlo simulation fair value price of our market condition awards on the dates the shares were awarded.

(3)Share-based compensation for restricted stock awards with market conditions is measured based on an estimate of shares expected to vest using a Monte Carlo simulation to determine fair value.

The following table summarizes our restricted stock activity for the years ended December 31, 2023, 2022 and 2021 (in millions, except share and per share data):


	Number of Shares	Weighted Average Grant Date Fair Value		Fair Value of Shares Vested
Unvested restricted shares at January 1, 2021	810,814	$	105.92
Granted	290,607	$	131.84
Vested	(305,747)	$	91.06	$	27.8
Forfeited	(7,654)	$	113.02
Unvested restricted shares at December 31, 2021	788,020	$	121.18
Granted	372,610	$	166.27
Vested	(278,359)	$	106.98	$	29.8
Forfeited	(27,504)	$	157.11
Unvested restricted shares at December 31, 2022	854,767	$	144.19
Granted	381,858	$	132.73
Vested	(243,776)	$	139.03	$	33.9
Forfeited	(55,198)	$	153.68
Unvested restricted shares at December 31, 2023	937,651	$	140.30

We capitalize a portion of share-based compensation costs for employees who work directly on construction and development of our communities. We recognized the following share-based compensation costs (in millions):


	Year Ended
		December 31, 2023		December 31, 2022		December 31, 2021
Share-based compensation - expensed(1)		$	40.4	$	37.6	$	28.0
Share-based compensation - capitalized(2)		$	2.5	$	—	$	—

(1) Recorded within General and administrative expense on the Consolidated Income Statements.

(2) Capitalized to Land improvements and buildings on the Consolidated Balance Sheets.

The remaining unrecognized share-based compensation cost, net related to our unvested restricted shares, which includes estimated forfeitures, as of December 31, 2023 was approximately $86.4 million and is expected to be recognized over a weighted average period of 1.7 years. Forfeitures are estimated at the grant date and are included monthly within compensation cost. The following table summarizes our expected share-based compensation cost, net related to our unvested restricted shares, in millions:


	2024		2025		2026		Thereafter
Expected share-based compensation costs, net	$	34.0	$	25.5	$	16.9	$	10.0

Commitments and Contingencies - Schedule of Changes in Estimated Property Insurance Recoveries (Details) - Hurricane Ian $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Schedule of Changes in Estimated Insurance Recoveries [Roll Forward]
Total estimated insurance receivable - December 31, 2022	$ 54.9
Change in estimated property insurance recoveries	46.7
Proceeds received from insurer	(44.9)
Total estimated insurance receivable - December 31, 2023	$ 56.7

Quarterly Financial Data (Unaudited and Restated) - Consolidated Balance Sheet (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill	$ 733.0	$ 725.4	$ 777.7	$ 1,076.9	$ 1,018.4	$ 495.4
Total assets	16,940.7	17,246.6	17,234.9	17,348.1	17,084.2
Other liabilities	953.1	928.8	958.2	940.0	935.9
Total liabilities	9,506.8	9,464.9	9,474.7	9,294.7	8,992.8
Temporary equity	260.9	299.8	294.0	298.8	202.9	288.9	$ 264.4
Accumulated other comprehensive income / (loss)	12.2	16.4	36.2	7.4	(9.9)
Distributions in excess of accumulated earnings	(2,397.5)	(2,203.4)	(2,210.4)	(1,889.8)	(1,731.2)
Total SUI shareholder's equity	7,082.8	7,395.8	7,394.5	7,675.2	7,809.8
Common and preferred OP units	90.2	86.1	71.7	79.4	78.7
Total noncontrolling interests	90.2	86.1	71.7	79.4	78.7
Total shareholder's equity	7,173.0	7,481.9	7,466.2	7,754.6	7,888.5	$ 6,730.6	$ 5,627.3
Total liabilities, temporary equity and shareholder's equity	$ 16,940.7	17,246.6	17,234.9	17,348.1	$ 17,084.2
As Previously Reported
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill		1,084.1	1,104.2	1,092.6
Total assets		17,605.3	17,561.4	17,363.8
Other liabilities		928.9	958.3	940.1
Total liabilities		9,465.0	9,474.8	9,294.8
Temporary equity		304.5	298.1	298.9
Accumulated other comprehensive income / (loss)		5.2	37.6	7.7
Distributions in excess of accumulated earnings		(1,848.2)	(1,898.2)	(1,875.0)
Total SUI shareholder's equity		7,739.8	7,708.1	7,690.3
Common and preferred OP units		96.0	80.4	79.8
Total noncontrolling interests		96.0	80.4	79.8
Total shareholder's equity		7,835.8	7,788.5	7,770.1
Total liabilities, temporary equity and shareholder's equity		17,605.3	17,561.4	17,363.8
Adjustments
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Goodwill		(358.7)	(326.5)	(15.7)
Total assets		(358.7)	(326.5)	(15.7)
Other liabilities		(0.1)	(0.1)	(0.1)
Total liabilities		(0.1)	(0.1)	(0.1)
Temporary equity		(4.7)	(4.1)	(0.1)
Accumulated other comprehensive income / (loss)		11.2	(1.4)	(0.3)
Distributions in excess of accumulated earnings		(355.2)	(312.2)	(14.8)
Total SUI shareholder's equity		(344.0)	(313.6)	(15.1)
Common and preferred OP units		(9.9)	(8.7)	(0.4)
Total noncontrolling interests		(9.9)	(8.7)	(0.4)
Total shareholder's equity		(353.9)	(322.3)	(15.5)
Total liabilities, temporary equity and shareholder's equity		$ (358.7)	$ (326.5)	$ (15.7)

Income Taxes - Narrative (Details) - USD ($)	12 Months Ended
Income Taxes - Narrative (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating Loss Carryforwards [Line Items]
Percentage of gross income	95.00%
Percentage of REIT taxable income	90.00%
Operating loss carryforwards	$ 138,000,000
Operating loss carryforwards after tax	28,700,000
Deferred operating loss carryforwards after tax	28,700,000	$ 25,900,000	$ 26,200,000
Unrecognized tax benefits	0	0
Changes in unrecognized tax benefits	0
Provision for state income taxes	2,900,000	2,300,000	1,100,000
Interest or penalty associated with unrecognized income tax provision	0	$ 0	$ 0
Domestic
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	134,100,000
Deferred operating loss carryforwards after tax	28,200,000
Foreign
Operating Loss Carryforwards [Line Items]
Operating loss carryforwards	100,000
Deferred operating loss carryforwards after tax	$ 0

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

We have elected to be taxed as a REIT pursuant to Section 856(c) of the Internal Revenue Code of 1986, as amended ("Code"). In order for us to qualify as a REIT, at least 95% of our gross income in any year must be derived from qualifying sources. In addition, a REIT must distribute annually at least 90% of its REIT taxable income (calculated without any deduction for dividends paid and excluding capital gains) to its shareholders and meet other tests.

Qualification as a REIT involves the satisfaction of numerous requirements (on an annual and quarterly basis) established under highly technical and complex Code provisions for which there are limited judicial or administrative interpretations and involves the determination of various factual matters and circumstances not entirely within our control. In addition, frequent changes occur in the area of REIT taxation, which requires us to continually monitor our tax status. We analyzed the various REIT tests and confirmed that we continued to qualify as a REIT for the year ended December 31, 2023.

As a REIT, we generally will not be subject to U.S. federal income taxes at the corporate level on the ordinary taxable income we distribute to our shareholders as dividends. If we fail to qualify as a REIT in any taxable year, our taxable income could be subject to U.S. federal income tax at regular corporate rates. Even if we qualify as a REIT, we may be subject to certain state and local income taxes, as well as U.S. federal income and excise taxes on our undistributed income. In addition, taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. We are also subject to local income taxes in Canada, Puerto Rico and the UK due to certain properties located in those jurisdictions. We do not provide for withholding taxes on our undistributed earnings from our Canadian subsidiaries as they are reinvested and will continue to be reinvested indefinitely outside of the U.S. As currently structured, we are not subject to UK withholding taxes on distributions from our UK properties. However, we are subject to Australian withholding taxes on distributions from our investments in Ingenia Communities Group ("Ingenia") which was sold during the three months ended December 31, 2023. Refer to Note 16, "Fair Value of Financial Instruments," for additional details related to the sale of our shares in Ingenia.

For income tax purposes, distributions paid to common shareholders consist of ordinary income, capital gains, and return of capital. For the years ended December 31, 2023, 2022 and 2021, distributions paid per share were taxable as follows (unaudited / rounded):


	Year Ended

	December 31, 2023				December 31, 2022				December 31, 2021
	Amount		Percentage		Amount		Percentage		Amount		Percentage
Ordinary income(1)	$	2.30	62.62	%	$	2.55	73.62	%	$	2.31	70.47	%
Capital gain	—		—	%	—		—	%	—		—	%
Return of capital	1.37		37.38	%	0.92		26.38	%	0.97		29.53	%
Total distributions declared	$	3.67	100.00	%	$	3.47	100.00	%	$	3.28	100.00	%

(1)98.924258% of the ordinary taxable dividend qualifies as a Section 199A dividend for 2023 and 1.075742% of the ordinary taxable dividend qualifies as a Qualified Dividend for 2023.

The components of income / (loss) attributable to taxable subsidiaries before provision for income taxes are as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Domestic	$	(21.0)	$	(13.4)	$	(7.8)
Foreign	(46.2)		24.8		2.6
Income / (loss) before provision for income taxes	$	(67.2)	$	11.4	$	(5.2)

The components of our provision / (benefit) for income taxes attributable to continuing operations for the years ended December 31, 2023, 2022 and 2021 are as follows (amounts in millions):


	Year Ended
	December 31, 2023		December 31, 2022		December 31, 2021
Federal
Current	$	—	$	—	$	—
Deferred	—		—		—
State and Local
Current	2.9		2.3		1.1
Deferred	—		—		(0.1)
Foreign
Current	11.6		8.0		0.1
Deferred	(22.9)		(4.2)		0.2
Total provision / (benefit)	$	(8.4)	$	6.1	$	1.3


	Year Ended
	December 31, 2023				December 31, 2022				December 31, 2021
Pre-tax income / (loss) attributable to taxable subsidiaries	$	(67.2)			$	11.4			$	(5.2)

Federal provision / (benefit) at statutory tax rate	(14.1)		21.0	%	2.4		21.0	%	(1.1)		21.0	%
State and local taxes, net of federal benefit	1.4		(2.0)	%	0.7		6.5	%	0.2		(3.8)	%
Rate differential	(4.7)		7.0	%	(0.4)		(3.5)	%	0.1		(2.7)	%
Change in valuation allowance	5.4		(8.1)	%	2.8		24.5	%	3.4		(65.0)	%

Non-U.S. income taxed at other than the U.S. federal statutory tax rate	3.1		(4.6)	%	(0.6)		(5.5)	%	—		—	%
Others	(1.0)		1.4	%	(0.4)		(3.0)	%	(2.1)		39.8	%
Tax provision / (benefit) - taxable subsidiaries	(9.9)		14.7	%	4.5		40.0	%	0.5		(10.7)	%
Other state taxes - flow through subsidiaries	1.5				1.6				0.8
Total provision / (benefit)	$	(8.4)			$	6.1			$	1.3

Deferred tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting purposes and the basis of such assets and liabilities as measured by tax laws. Deferred tax assets are reduced, if necessary, by a valuation allowance to the amount where realization is more likely than not assured after considering all available evidence. Our temporary differences primarily relate to net operating loss carryforwards, depreciation, interest and basis differences between tax and GAAP. Our deferred tax assets that have a full valuation allowance relate to our taxable REIT subsidiaries.


	As of
	December 31, 2023		December 31, 2022		December 31, 2021
Deferred Tax Assets
NOL carryforwards	$	28.7	$	25.9	$	26.2
Depreciation and basis differences	27.4		26.0		23.7
Restricted interest carryforwards	51.9		25.2		—
Other	5.4		4.9		0.1
Gross deferred tax assets	113.4		82.0		50.0
Valuation allowance	(55.3)		(49.8)		(47.0)
Net deferred tax assets(1)	58.1		32.2		3.0

Deferred Tax Liabilities
Basis differences - US assets	—		—		(1.2)
Basis differences - foreign investment(2)	(335.2)		(340.8)		(22.5)
Gross deferred tax liabilities(3)	(335.2)		(340.8)		(23.7)

Net Deferred Tax Liability	$	(277.1)	$	(308.6)	$	(20.7)

(1)Net deferred tax assets are included within Other assets, net in our Consolidated Balance Sheets.

(2)Balance as of December 31, 2023 relates to basis differences in our foreign investments in properties in the UK and Canada.

(3)Gross deferred tax liabilities are included within Other liabilities in our Consolidated Balance Sheets.

Our U.S. taxable REIT subsidiaries operating loss carryforwards are $138.0 million, or $28.7 million after tax, including SHS loss carryforwards of $134.1 million, or $28.2 million after tax, as of December 31, 2023. The loss carryforwards will begin to expire in 2024 through 2035 if not offset by future taxable income. In addition, our Canadian subsidiaries have operating loss carryforwards of $0.1 million, or $0.0 million after tax, as of December 31, 2023. The loss carryforwards will begin to expire in 2040 through 2042 if not offset by future taxable income.

We had no unrecognized tax benefits as of December 31, 2023 and 2022. We expect no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2023.

We classify certain state taxes as income taxes for financial reporting purposes. We recorded provisions for state income taxes of $2.9 million, $2.3 million and $1.1 million for the years ended December 31, 2023, 2022 and 2021, respectively.

Our policy is to report income tax penalties and income tax related interest expense as a component of income tax expense. No interest or penalty associated with any unrecognized income tax provision or benefit was accrued, nor was any income tax related interest or penalty recognized during the years ended December 31, 2023, 2022 and 2021.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Equity and Temporary Equity - Schedule of Common and Preferred OP Units Included in Noncontrolling Interest (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Class of Stock [Line Items]
OP Units Outstanding (in shares)	3,383,243	3,383,243
Carrying Amount \| $	$ 90.2	$ 90.2	$ 86.1	$ 71.7	$ 79.4	$ 78.7
Preferred OP units, issuance price (in dollars per share) \| $ / shares		$ 100.00
Common OP units \| Common OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)	2,734,983	2,734,983
Exchange Rate		1.0000
Carrying Amount \| $	$ 46.5	$ 46.5				31.5
Preferred Stock \| Series A-1 preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)	202,144	202,144
Exchange Rate		2.4390
Annual Distribution Rate		6.00%
Carrying Amount \| $	$ 11.5	$ 11.5				14.0
Preferred Stock \| A-3 preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)	40,268	40,268
Exchange Rate		1.8605
Annual Distribution Rate		4.50%
Carrying Amount \| $	$ 2.4	$ 2.4				2.7
Preferred Stock \| Series C preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)	305,848	305,848
Exchange Rate		1.1100
Annual Distribution Rate		5.00%
Carrying Amount \| $	$ 21.4	$ 21.4				23.6
Preferred Stock \| Series E preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)	80,000	80,000
Exchange Rate		0.6897
Annual Distribution Rate		5.50%
Carrying Amount \| $	$ 6.4	$ 6.4				6.9
Preferred Stock \| Series L preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares)	20,000	20,000
Exchange Rate		0.6250
Annual Distribution Rate		3.50%
Carrying Amount \| $	$ 2.0	$ 2.0				$ 0.0
Series L preferred OP units
Class of Stock [Line Items]
Preferred OP units to common OP unit conversion ratio (in shares)	0.6250	0.6250
Common OP unit conversion ratio (in shares)	1	1
Preceding trading days, threshold	60 days	60 days
Percentage of conversation price, threshold for exchange	1.20	1.20
Series L preferred OP units \| Maximum
Class of Stock [Line Items]
Conversion price (in dollars per share) \| $ / shares	$ 160

Goodwill and Other Intangible Assets - Schedule of Other Intangible Assets Future Amortization Expense (Details) $ in Millions	Dec. 31, 2023 USD ($)
Acquired Finite-Lived Intangible Assets [Line Items]
2024	$ 30.3
2025	29.4
2026	24.0
2027	22.1
2028	20.8
In-place leases
Acquired Finite-Lived Intangible Assets [Line Items]
2024	7.0
2025	6.2
2026	3.5
2027	2.0
2028	0.8
Non-competition agreements
Acquired Finite-Lived Intangible Assets [Line Items]
2024	2.1
2025	2.1
2026	0.1
2027	0.0
2028	0.0
Trademarks and trade names
Acquired Finite-Lived Intangible Assets [Line Items]
2024	5.4
2025	5.4
2026	5.4
2027	5.4
2028	5.4
Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
2024	12.7
2025	12.7
2026	12.3
2027	12.2
2028	12.1
Franchise agreements and other intangible assets
Acquired Finite-Lived Intangible Assets [Line Items]
2024	3.1
2025	3.0
2026	2.7
2027	2.5
2028	$ 2.5

Consolidated Variable Interest Entities - Schedule of VIE (Details) - USD ($) $ in Millions	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Assets
Investment property, net	$ 14,443.6				$ 13,971.0
Cash, cash equivalents and restricted cash	42.7				90.4	$ 78.2	$ 92.6
Other assets, net	668.5				655.1
Total Assets	16,940.7	$ 17,246.6	$ 17,234.9	$ 17,348.1	17,084.2
Liabilities and Other Equity
Secured debt	3,534.7				3,217.8
Advanced reservation deposits and rent	344.5				352.1
Accrued expenses and accounts payable	313.7				396.3
Other liabilities	953.1	928.8	958.2	940.0	935.9
Total Liabilities	9,506.8	$ 9,464.9	$ 9,474.7	$ 9,294.7	8,992.8
Variable Interest Entity, Primary Beneficiary
Assets
Investment property, net	132.3				739.7
Cash, cash equivalents and restricted cash	2.9				14.1
Other intangible assets, net	0.1				13.0
Other assets, net	0.4				10.5
Total Assets	135.7				777.3
Liabilities and Other Equity
Secured debt	3.2				22.2
Unsecured debt	0.0				35.2
Advanced reservation deposits and rent	0.4				13.8
Accrued expenses and accounts payable	24.1				11.8
Other liabilities	0.0				1.4
Total Liabilities	27.7				84.4
Temporary equity	10.7				41.3
Total Liabilities and Other Equity	$ 38.4				$ 125.7

Equity and Temporary Equity (Tables)

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Schedule of Preferred Units

The following table sets forth the various series of redeemable preferred OP units that were outstanding as of December 31, 2023 and 2022 and the related terms, and summarizes the balance included within Temporary Equity on our Consolidated Balance Sheets (in millions, except for statistical information):


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption(3)	Redemption Period	Carrying Amount
	December 31, 2023						December 31, 2023		December 31, 2022
Series D preferred OP units	488,958	0.8000	4.0	%	Holder's Option	Any time	$	46.9	$	48.1
Series F preferred OP units	90,000	0.6250	3.0	%	Holder's Option	Any time after earlier of May 14, 2025 or death of holder	8.5		8.7
Series G preferred OP units	210,710	0.6452	3.2	%	Holder's Option	Any time after earlier of September 30, 2025 or death of holder	20.4		24.4
Series H preferred OP units	581,238	0.6098	3.0	%	Holder's Option	Any time after earlier of October 30, 2025 or death of holder	55.0		56.7
Series J preferred OP units	238,000	0.6061	2.85	%	Holder's Option	During the 30-day period following a change of control of the Company or any time after April 21, 2026	22.7		23.6
Series K preferred OP units(4)	1,000,000	0.5882	4.0	%	Holder's Option	Within 60 days after March 23, 2028	96.7		—
Total	2,608,906						$	250.2	$	161.5

(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.

(2) Distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units.

(3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions.

(4) Series K Preferred OP Units - Each Series K preferred OP unit is exchangeable for 0.5882 common OP units. Each such common OP unit will be exchangeable for one share of our common stock. We have the right to cause the holders of Series K preferred OP units to exchange such units into common OP units at the applicable exchange rate (a) within 60 days after March 23, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to or greater than 120% of the Series K conversion price of $170 (as it may be adjusted under the Operating Partnership's partnership agreement). If in connection with an exchange pursuant to clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is less than the Series K conversion price, we will be required to make an additional cash payment in respect of each exchanged Series K preferred OP unit equal to the product of (i) the Series K exchange rate and (ii) the difference between such average price and the Series K conversion price. As of December 31, 2023, 1,000,000 Series K preferred OP units were outstanding. Refer to Note 3, "Real Estate Acquisitions and Dispositions," for additional information.

Issuances of Common OP Units in Connection with the Acquisition of Certain Properties


Year Ended December 31, 2023 and 2022	Common OP Units Issued		Value at Issuance (in millions)		Related Acquisition
January 2023	31,289		$	4.4	Fox Run
May 2022	10,854	(1)	$	1.8	Rudgate
May 2022	5,605		$	1.0	Kittery Point
February 2022	14,683		$	2.8	Jarrett Bay Boatworks

(1)During the three months ended June 30, 2022, we acquired the noncontrolling equity interest held by third parties in Rudgate for a total purchase price of $3.1 million. As consideration, we issued 10,854 common OP units and paid the remainder of the purchase price in cash. The acquisition resulted in us owning a 100.0% controlling interest in Rudgate. Refer to Note 8, "Consolidated Variable Interest Entities," for additional information.

Schedule of Redeemable Equity

The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions):


		Carrying Amount
Equity Interest	Description	December 31, 2023		December 31, 2022
FPG Sun Moreno Valley 66 LLC	In connection with the investment in land for future development in the city of Moreno Valley, California, at the property known as FPG Sun Moreno Valley 66 LLC	$	0.1	$	0.1
Solar Energy Project CA II LLC	A joint venture that operates and maintains solar energy equipment in select California communities	5.1		4.2
Solar Energy Project LLC	A joint venture that operates and maintains solar energy equipment in select California communities	2.3		1.9
Solar Energy Project III LLC	A joint venture that operates and maintains solar energy equipment in select Arizona and California communities	2.3		0.3
FPG Sun Menifee 80 LLC	In connection with the investment in land for future development in the city of Menifee, in California, at the property known as FPG Sun Menifee 80 LLC	0.1		0.1
NG Sun Whitewater LLC	In connection with the investment in land at the property known as Whitewater	—		3.2
NG Sun Beaver Brook LLC	In connection with the investment in Sun NG Beaver Brook LLC, a joint venture that operates one RV community in the U.S.	0.1		0.5
NG Sun LLC(1) and other stand-alone joint ventures	In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the U.S.	0.7		31.1
Total		$	10.7	$	41.4

(1) Equity Interest - NG Sun LLC - In June 2018, in connection with the investment in Sun NG Resorts, unrelated third parties purchased $6.5 million of Series B preferred equity interests and $15.4 million of common equity interests in Sun NG Resorts (herein jointly referred to as "Equity Interest - NG Sun LLC"). In April and September 2020, in connection with certain acquisitions, $3.0 million of Series B preferred equity interests were converted to common equity interests. The Series B preferred equity interests carried a preferred return at a rate that, at any time, was equal to the interest rate on Sun NG Resorts' indebtedness at such time. In December 2023, as part of the transaction with our joint venture partner in Sun NG, we settled the majority of the preferred and common equity interests related to the joint ventures under Sun NG Resorts. The Equity Interest - NG Sun LLC balance was $0.7 million and $31.1 million as of December 31, 2023 and 2022, respectively. Refer to Note 8, "Consolidated Variable Interest Entities," for more information on the transaction with our joint venture partner in Sun NG.

Schedule of Accumulated Other Comprehensive Income (Loss)

AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions):


	December 31, 2023		December 31, 2022
Net foreign currency translation losses	$	(29.5)	$	(70.6)
Accumulated net gains on derivatives	41.7		60.7
Accumulated other comprehensive income / (loss)	$	12.2	$	(9.9)

Schedule of Common and Preferred OP Units included within Noncontrolling Interests

The following table summarizes the common and preferred OP units included within Noncontrolling interests on our Consolidated Balance Sheets (in millions, except for shares and statistical information):


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption	Redemption Period	Carrying Amount
	December 31, 2023						December 31, 2023		December 31, 2022
Common OP units	2,734,983	1.0000	Same distribution rate for common stock		N/A	N/A	$	46.5	$	31.5
Series A-1 preferred OP units	202,144	2.4390	6.0	%	N/A	N/A	11.5		14.0
Series A-3 preferred OP units	40,268	1.8605	4.5	%	N/A	N/A	2.4		2.7
Series C preferred OP units	305,848	1.1100	5.0	%	N/A	N/A	21.4		23.6
Series E preferred OP units	80,000	0.6897	5.5	%	N/A	N/A	6.4		6.9
Series L preferred OP units(3)	20,000	0.6250	3.5	%	N/A	N/A	2.0		—
Total	3,383,243						$	90.2	$	78.7

(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.

(2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units.

(3) Series L Preferred OP Units - Each Series L preferred OP unit is exchangeable for 0.6250 common OP units. Each such common OP unit will be exchangeable for one share of our common stock. We have the right to cause the holders of Series L preferred OP units to exchange such units into common OP units at the applicable exchange rate (a) any time after December 31, 2028 or (b) if at any time the trading price of our common stock for each of the preceding 60 trading days is equal to or greater than 120% of the Series L conversion price of $160 (as it may be adjusted under the Operating Partnership's partnership agreement). If in connection with an exchange pursuant to clause (a) above the recent average price of our common stock (as determined under the Operating Partnership's partnership agreement) is less than the Series L conversion price, we will be required to make an additional cash payment in respect of each exchanged Series L preferred OP unit equal to the product of (i) the Series L exchange rate and (ii) the difference between such average price and the Series L conversion price. As of December 31, 2023, 20,000 Series L preferred OP units were outstanding. Refer to Note 8, "Consolidated Variable Interest Entities," for more information on the transaction with our joint venture partner in Sun NG.

Schedule of Conversions of Stock

Below is the activity of conversions during the years ended December 31, 2023 and 2022:


		Year Ended
		December 31, 2023			December 31, 2022
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)	Common OP Units(1)	Units / Shares Converted	Common Stock(1)
Aspen preferred OP units	Various(2)	1,258,819	113,972	293,838	25,000	8,007
Common OP units	1.0000	8,848	8,848	—	150,393	150,393
Series A-1 preferred OP units	2.4390	5,404	13,177	—	67,476	164,566



Series C preferred OP units	1.1100	165	183	—	150	166

Series E preferred OP units	0.6897	—	—	—	10,000	6,896

Series G preferred OP units	0.6452	30,000	19,353	—	—	—
Series H preferred OP units	0.6098	129	78	—	40	24
Series I preferred OP units	0.6098	—	—	—	922,000	562,195
Series J preferred OP units	0.6061	2,000	1,212	—	—	—

(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.

(2)Refer to Note 9, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions.

Schedule of Sale of Common Stock

Distributions declared for the three months ended December 31, 2023 were as follows:

Common Stock, Common OP units and Restricted Stock Distributions

Record Date

Payment Date

Distribution Per Share

Total Distribution (in Millions)

December 31, 2023

12/29/2023

1/16/2024

0.93

118.2

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

1. Significant Accounting Policies

Business

Sun Communities, Inc., a Maryland corporation, and all wholly-owned or majority-owned and controlled subsidiaries, including Sun Communities Operating Limited Partnership, a Michigan limited partnership (the "Operating Partnership"), Sun Home Services, Inc., a Michigan corporation ("SHS"), Safe Harbor Marinas, LLC, a Delaware limited liability company ("Safe Harbor") and Sun UK Holding LLC (together with its subsidiaries, "Park Holidays") are referred to herein as the "Company," "SUI," "us," "we," or "our."

We are a fully integrated, self-administered and self-managed REIT. As of December 31, 2023, we owned and operated or held an interest in a portfolio of 667 MH and RV communities and marinas (collectively, the "properties") located in the U.S., the UK, and Canada, including 353 MH communities, 179 RV communities, and 135 marinas. As of December 31, 2023, the properties contained an aggregate of 227,340 developed sites comprised of 118,430 developed MH sites, 32,390 annual RV sites (inclusive of both annual and seasonal usage rights), 28,490 transient RV sites, and 48,030 marina wet slips and dry storage spaces.

Principles of Consolidation

We consolidate our majority-owned subsidiaries in which we have the ability to control the operations of our subsidiaries and all variable interest entities with respect to which we are the primary beneficiary. We also consolidate entities in which we have a direct or indirect controlling or voting interest. All significant intercompany transactions have been eliminated in consolidation. Any subsidiaries in which we have an ownership percentage equal to or greater than 50%, but less than 100%, or are considered to be a consolidated VIE, represent subsidiaries with a non-controlling interest. The noncontrolling interests in our subsidiaries are allocated their proportionate share of the subsidiaries' financial results. Certain reclassifications have been made to prior period financial statements in order to conform to current period presentation. There was no impact to prior period net income for any of the reclassifications.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions related to the reported amounts included in our Consolidated Financial Statements and accompanying footnotes thereto. Actual results could differ from those estimates.

Segment Information

FASB Accounting Standards Codification ("ASC") Topic 280, "Segment Reporting," establishes standards for the way that business enterprises report information about operating segments in their financial statements. In accordance with ASC 280, management has determined that we have three operating segments: (i) Manufactured home ("MH") communities, (ii) Recreational vehicle ("RV") communities and (iii) Marinas.

The MH segment owns, operates, develops or has an interest in, a portfolio of MH communities in the U.S. and the UK, and is in the business of acquiring, operating and developing ground-up MH communities to provide affordable housing solutions to residents. The MH segment in the U.S. also provides manufactured home sales and leasing services to tenants and prospective tenants of our communities. The MH segment in the UK provides holiday home sales and associated site license activities to holiday homeowners in our communities.

The RV segment owns, operates, develops or has an interest in, a portfolio of RV communities and is in the business of acquiring, operating and developing ground-up RV communities in the U.S. and Canada. It also provides leasing services for vacation rentals within the RV communities.

The Marina segment owns, operates and develops marinas, and is in the business of acquiring and operating marinas in the U.S., with the majority of such marinas concentrated in coastal regions, and others located in various inland regions.

We evaluate segment operating performance based on NOI. Refer to Note 12, "Segment Reporting," for additional information.

Investment Property

Investment property is recorded at cost, less accumulated depreciation.

Impairment of long-lived assets - we review the carrying value of long-lived assets to be held for use for impairment quarterly or whenever events or changes in circumstances indicate a possible impairment. Future events could occur which would cause us to conclude that impairment indicators exist, and significant adverse changes in national, regional, or local market conditions or trends may cause us to change the estimates and assumptions used in our impairment analysis. The results of an impairment analysis could be material to our financial statements. Our primary indicator for potential impairment is based on NOI trends period over period. Circumstances that may prompt a test of recoverability may include a significant decrease in the anticipated market price, an adverse change to the extent or manner in which an asset may be used or in its physical condition or other events that may significantly change the value of the long-lived asset. An impairment loss is recognized when a long-lived asset's carrying value is not recoverable and exceeds estimated fair value.

We estimate the fair value of our long-lived assets based on undiscounted future cash flows and any potential disposition proceeds for a given asset. Forecasting cash flows requires management to make estimates and assumptions about such variables as the estimated holding period, rental rates, occupancy, development and operating expenses during the holding period, as well as capitalization rates. Management uses its best judgment when developing these estimates and assumptions.

Real estate held for sale - we periodically classify real estate as held for sale. An asset is classified as held for sale after an active program to sell an asset has commenced and when the sale is probable. Subsequent to the classification of assets as held for sale, no further depreciation expense is recorded. There were no real estate assets held for sale as of December 31, 2023 and 2022, respectively.

Acquisitions - we evaluate acquisitions pursuant to ASC 805, "Business Combinations," to determine whether the acquisition should be classified as either an asset acquisition or a business combination.

Acquisitions for which substantially all of the fair value of the gross assets acquired are concentrated in a single identifiable asset or a group of similar identifiable assets are accounted for as an asset acquisition. The majority of our property acquisitions are accounted for as asset acquisitions. For asset acquisitions, we allocate the purchase price of these properties on a relative fair value basis and capitalize direct acquisition related costs as part of the purchase price. Acquisition costs that do not meet the criteria to be capitalized are expensed as incurred and presented as General and administrative costs in our Consolidated Statements of Operations.

Acquisitions that meet the definition of a business combination are recorded at fair value using a fair value model under which the assets and liabilities are generally recognized at their fair values and the difference between the consideration transferred, excluding transaction costs, and the fair values of the assets and liabilities is recognized as goodwill. For acquisitions that meet the definition of a business combination, we allocate the purchase price of those properties on a fair value basis and expense the acquisition related transaction costs as incurred. Transaction costs are presented as Business combinations expense in our Consolidated Statements of Operations.

For asset acquisitions and business combinations, we allocate the purchase price to net tangible and identified intangible assets acquired based on their fair values. In making estimates of fair values for purposes of allocating purchase price, we utilize an independent third party to value the net tangible and identified intangible assets in connection with the acquisition of the respective property. We provide historical and pro forma financial information obtained about each property, as well as any other information needed in order for the third party to ascertain the fair value of the tangible and intangible assets acquired.

Capitalized Costs

We capitalize certain costs incurred in connection with the development, redevelopment, capital enhancement and leasing of our properties. Management is required to use professional judgment in determining whether such costs meet the criteria for capitalization or immediate expense. The amounts are dependent on the volume and timing of such activities, and the costs associated with such activities:

Maintenance, repairs and minor improvements to properties are expensed when incurred.

Renovations and improvements to our properties are capitalized and depreciated over their estimated useful lives and real estate project costs related to the development of new community or expansion sites are capitalized until the property is substantially complete and available for occupancy. Costs incurred to initially renovate pre-owned and repossessed homes that we acquire for our Rental Program are capitalized, and the majority of costs incurred to refurbish the homes at turnover and repair the homes while occupied, are expensed unless they extend the life of the home. Renovations and improvements to marinas are capitalized and depreciated over their estimated useful lives. Improvements made to docks, buildings, systems, equipment, shorelines and site improvements are capitalized until the project is substantially complete and available for use.

Certain expenditures to dealers and residents related to obtaining lessees in our communities are capitalized and amortized based on the anticipated term of occupancy of a resident.

Costs incurred to develop internal-use software are capitalized and amortized on a straight-line basis over the estimated useful life of the related software (typically one to eight years).

Costs associated with purchases of furniture, fixtures and equipment, major replacements and improvements are capitalized and subsequently depreciated over their respective underlying assets estimated useful lives.

Costs incurred to obtain new debt financing (i.e. deferred financing costs) are capitalized and amortized over the term of the underlying loan agreement using the effective interest method for senior unsecured notes and the straight-line method (which approximates the effective interest method) for other financing. Deferred financing costs include fees and costs incurred to obtain long-term financing. Unamortized deferred financing costs are written off when debt is retired before the maturity date. Upon amendment of the line of credit or refinancing of mortgage debt, unamortized deferred financing costs and any related discounts or premiums are accounted for in accordance with ASC 470-50-40, "Modifications and Extinguishments." Deferred financing costs, discounts and premiums as included in our Consolidated Balance Sheets are as follows (in millions):


	Financial Statement Classification	Year Ended
Description		December 31, 2023		December 31, 2022
Secured debt - premium	Mortgage loans payable	$	—	$	0.1
Secured debt - deferred financing costs	Mortgage loans payable	(16.9)		(14.6)
Secured borrowings on collateralized receivables - fair value adjustment	Secured borrowings on collateralized receivables	1.9		—
Senior unsecured notes - discount	Unsecured debt	(6.5)		(6.1)
Senior unsecured notes - deferred financing costs	Unsecured debt	(16.0)		(14.3)
Lines of credit - deferred financing costs	Unsecured debt	(1.6)		(3.0)
Total deferred financing costs, discounts, premiums and fair value adjustments included in Debt		$	(39.1)	$	(37.9)
Lines of credit - deferred financing costs	Other assets, net	9.1		13.1
Total deferred financing costs, discounts, premiums and fair value adjustments		$	(48.2)	$	(51.0)

Cash and Cash Equivalents

We consider all highly liquid investments with a maturity of three months or less from the date of purchase to be cash and cash equivalents. At December 31, 2023 and 2022, $29.2 million and $72.8 million of cash and cash equivalents, respectively, was included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets. The maximum amount of credit risk arising from cash deposits in excess of federally insured amounts was approximately $45.6 million and $86.8 million as of December 31, 2023 and 2022, respectively. The maximum amount of credit risk arising from Park Holidays' cash deposits in excess of insured amounts through the Financial Services Compensation Scheme ("FSCS") was approximately £1.8 million ($2.3 million) and £7.7 million ($9.3 million) as of December 31, 2023 and 2022, respectively.

Restricted Cash

Restricted cash consists primarily of utility deposits and amounts held in deposit for tax, insurance and repair escrows held by lenders in accordance with certain debt agreements. At December 31, 2023 and 2022, $13.5 million and $17.6 million of restricted cash, respectively, was included as a component of Cash, cash equivalents and restricted cash on the Consolidated Balance Sheets. Changes in the restricted cash are reported in our Consolidated Statements of Cash Flows as operating, investing or financing activities based on the nature of the underlying activity. Restricted cash and restricted cash equivalents are included with cash and cash equivalents in the reconciliation of the beginning of period and the end of period cash balance on the Consolidated Statements of Cash Flows.

Marketable Securities

Marketable securities are accounted for under ASC 321, "Investments - Equity Securities," and recorded at fair value with changes in fair value recorded in Gain / (loss) on remeasurement of marketable securities on the Consolidated Statement of Operations. In December, 2023, we sold our marketable securities. The marketable securities as of December 31, 2023 and 2022 were zero and $127.3 million, respectively, and are disclosed on the Consolidated Balance Sheets. Refer to Note 16, "Fair Value of Financial Instruments," for additional details related to the disposition of our marketable securities during the three months ended December 31, 2023.

Inventory

Inventory of manufactured homes is stated at lower of specific cost or net realizable value based on the specific identification method and the balance is separately disclosed on our Consolidated Balance Sheets. Other inventory at our MH and RV properties consists primarily of service and merchandise related items, grocery, food and beverage products and are stated at the lower of cost or net realizable value. Physical inventory counts are performed where inventory exists. Inventory records are adjusted accordingly to reflect actual inventory counts and any resulting shortage is recognized. Inventory at our marinas consists primarily of boats for sale at certain marinas, boat parts used in our service centers and retail related items such as merchandise used in our ship stores, gasoline and diesel fuel, and food and beverage products. Inventories at our marinas are stated at the lower of cost or net realizable value with cost determined using the First In, First Out ("FIFO") method. Physical inventory counts are performed where inventory exists. Inventory records are adjusted accordingly to reflect actual inventory counts and any resulting shortage is recognized. The other inventory balance is included in Other assets, net on our Consolidated Balance Sheet.

Investments in Nonconsolidated Affiliates

We apply the equity method of accounting to entities in which we do not have a direct or indirect controlling interest or for variable interest entities where we are not considered the primary beneficiary but can exercise significant influence over the entity with respect to its operations and major decisions. Under the equity method of accounting, the cost of an investment is adjusted for our share of the equity in net income or loss from the date of acquisition, reduced by distributions received and increased by contributions made. The income or loss of each entity is allocated in accordance with the provisions of the applicable operating agreements. The allocation provisions in these agreements may differ from the ownership interests held by each investor. The cost method is applied when (a) the investment is minimal (typically less than 5.0%) and (b) our investment is passive. Our exposure to losses associated with nonconsolidated affiliates is primarily limited to the carrying value of these investments. Accordingly, distributions from a nonconsolidated affiliate in excess of our carrying value are recognized in earnings. We review the carrying value of our investments in nonconsolidated affiliates for other than temporary impairment whenever events or changes in circumstances indicate a possible impairment. Financial condition, operational performance and other economic trends are among the factors we consider when we evaluate the existence of impairment indicators. Refer to Note 7, "Investments in Nonconsolidated Affiliates," for additional information.

Notes and Other Receivables

Notes receivable - includes installment loans for manufactured homes purchased from us, transferred loans that have not met the requirements for sale accounting which are presented herein as collateralized receivables, and notes receivable from real estate developers and operators. The notes are collateralized by the underlying manufactured home sold.

Collateralized receivables - represent transferred loans that have not met the requirements for sale accounting under ASC 860, "Transfers and Servicing."

Installment notes receivable on manufactured homes - represent notes receivable for the purchase of manufactured homes primarily located in our communities, which are secured by the underlying manufactured home sold. Interest income is accrued based on the unpaid principal balance of the loans. Past due status of our notes receivable is determined based on the contractual terms of the note. When a note receivable becomes 60 days delinquent, we stop accruing interest on the note receivable. The interest on nonaccrual loans is accounted for on the cash basis until qualifying for return to accrual.

Notes receivable from real estate developers and operators - represent short-term construction loans provided to real estate developers and loans provided to a real estate operator to finance acquisition and development costs.

We elected to fair value our installment notes receivable on manufactured homes, collateralized receivables and notes receivable from real estate developers and operators in accordance with ASU 2016-13, "Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments" ("CECL"). Installment notes receivable on manufactured homes and notes receivable from real estate developers and operators are measured at fair value pursuant to FASB ASC 820, "Fair Value Measurements and Disclosures." The fair value is evaluated quarterly, and any fair value adjustments are recorded in Gain / (loss) on remeasurement of notes receivable on the Consolidated Statement of Operations. Refer to Note 16, "Fair Value of Financial Instruments," for additional information regarding the estimates and assumptions used to estimate the fair value of each financial instrument class.

Other receivables - are generally comprised of sale proceeds receivable from home sales near year end, amounts due from marina customers for storage, service and lease payments, amounts due from MH and annual RV residents for rent and related charges (utility charges, fees and other pass-through charges), insurance receivables and various other miscellaneous receivables. These receivables do not require incremental CECL reserves as we believe that the risk of future expected loss on those accounts is immaterial due to the short-term nature of the accounts, history of collectability, past relationships and various other mitigating factors. Accounts outstanding longer than the contractual payment terms are considered past due.

Accounts receivable from marina customers are stated at amounts due net of an allowance for doubtful accounts. Receivables related to our marina rents are reserved when we believe that collection is less than probable, which is generally 50% for certain receivable balances over 180 days, and 60% after the balance reaches 60 days past due for all other receivables.

Accounts receivable from residents are typically due within 30 days and stated at amounts due from residents net of an allowance for doubtful accounts. We evaluate the recoverability of our receivables whenever events occur or there are changes in circumstances such that management believes it is probable that it will be unable to collect all amounts due according to the contractual terms of the loan and lease agreements. Receivables related to MH community rents are reserved when we believe that collection is less than probable, which is generally after a resident balance reaches 60 to 90 days past due. In the UK, annual rents are noticed in full during the fourth quarter and due by January 31st of the following year. Payment can be made upfront or in monthly installments. Accounts receivables are reviewed regularly for collectability, with related reserves set annually for outstanding receivables.

Refer to Note 4, "Notes and Other Receivables," for additional detail on receivables.

Goodwill

We account for goodwill pursuant to ASC 350, "Intangibles—Goodwill and Other." ASC 350-20, "Goodwill and Other," allows entities testing goodwill for impairment the option of performing a qualitative assessment before calculating the fair value of a reporting unit (i.e. the first step of the goodwill impairment test). If entities determine, on the basis of qualitative factors, that the fair value of the reporting unit is more-likely-than-not greater than the carrying amount, a quantitative calculation would not be needed. Goodwill represents the excess of costs of an acquired business over the fair value of the identifiable assets acquired less identifiable liabilities assumed. The goodwill is attributable to the intellectual capital and going concern value of the acquired businesses. Goodwill is not amortized.

Goodwill is tested for impairment at the reporting unit level. If the fair value of goodwill is lower than its carrying amount, goodwill impairment is indicated and goodwill is written down to its implied fair value. We assess our goodwill for impairment on an annual basis or more frequently if events or changes in circumstances arise and impairment indicators are identified. Events or circumstances that may result in an impairment review include changes in macroeconomic conditions, industry and market considerations, cost factors, overall financial performance, other relevant entity-specific events, specific events affecting the reporting unit or a sustained decrease in share prices. Estimating the fair value of individual reporting units requires us to make assumptions and estimates regarding industry, economic, and regulatory conditions in each respective geographic region in which we conduct operations.

In performing goodwill impairment testing, we utilize a third-party valuation specialist to assist management in determining the fair value of our reporting units. The fair value of each reporting unit is estimated based on a combination of discounted cash flows (income approach) and the use of pricing multiples derived from an analysis of comparable public companies multiplied against historical and / or anticipated financial metrics (market approach) for each reporting unit. These calculations contain uncertainties as they require management to make assumptions including, but not limited to, market comparables, future cash flows of the reporting units, and appropriate weighted average cost of capital and long-term growth rates. A decline in the actual cash flows of our reporting units in future periods, as compared to the projected cash flows used in our valuations, could result in the carrying value of the reporting units exceeding their respective fair values. Further, a change in market comparables, discount rate or long-term growth rates, as a result of a change in economic conditions or otherwise, could result in the carrying values of the reporting units exceeding their respective fair values.

During the year ended December 31, 2023, we performed goodwill impairment assessments. For the UK reporting unit, we recorded aggregate impairment charges of $369.9 million to write down the carrying value to its respective fair value. As of December 31, 2023 and 2022, we had $733.0 million and $1.0 billion of goodwill from acquisitions accounted for as business combinations, respectively.

Goodwill is deductible for income tax purposes. As such, the goodwill portion allocated to our U.S. taxable REIT subsidiaries will reduce their taxable income. However, the resulting tax benefits will be offset by a valuation allowance. Given that REITs do not customarily report any taxable income (due to the dividends paid deduction), we do not expect any significant tax benefits arising from the goodwill allocable to the REIT. Goodwill allocated to the UK taxable REIT subsidiaries is not deductible for UK tax purposes resulting in no tax benefit in the UK. However, it will reduce their U.S. dividends to the REIT in the future.

The carrying amount of goodwill is separately disclosed on our Consolidated Balance Sheets. Refer to Note 6, "Goodwill and Other Intangible Assets," for additional information on goodwill.

Other Intangible Assets

Other intangible assets primarily comprise in-place leases (including slip in-place leases), non-competition agreements, trademarks and trade names, customer relationships and franchise agreements. Other intangible assets are reviewed for impairment on an annual basis or more frequently if indicators of impairment are identified.

Intangible assets with finite lives - we amortize identified intangible assets that are determined to have finite lives over the period the assets are expected to contribute directly or indirectly to the future cash flows of the property or business.

Trademarks and trade names - we account for trademarks and trade names pursuant to ASC 350, "Intangibles-Goodwill and Other." Some trademarks and trade names have an indefinite useful life and some have a three to 15 year useful life. Trademarks and trade names with finite lives are amortized over their useful life. Trademarks and trade names with indefinite-lives are not amortized. Trademarks and trade names are reviewed for impairment on an annual basis or more frequently if indicators of impairment are identified. We first review qualitative factors to determine if a quantitative impairment test is necessary. If the qualitative assessment reveals that it's "more likely than not" that the asset is impaired, a calculation of the fair value is performed and the asset is written down to its implied fair value, if it is lower than its carrying amount. As of December 31, 2023 and 2022, the carrying amounts of trademarks and trade names related to acquisitions accounted for as business combinations were $214.0 million and $216.6 million, respectively.

We account for implementation costs in a hosting arrangement in accordance with ASU 2018-15, "Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (a consensus of the FASB Emerging Issues Task Force)," which aligns requirements for capitalizing implementation costs in a hosting arrangement as a service contract with internally developed software, and expense capitalized costs of the hosting arrangement over the term of the arrangement.

The carrying amounts of the other identified intangible assets are included in Other intangible assets, net on our Consolidated Balance Sheets. Refer to Note 6, "Goodwill and Other Intangible Assets," for additional information on other intangible assets.

Deferred Taxes

We are subject to certain state taxes that are considered to be income taxes and have certain subsidiaries that are taxed as regular corporations for U.S. (i.e., federal, state, local, etc.) and non-U.S. income tax purposes. Deferred tax assets or liabilities are recognized for temporary differences between the tax basis of assets and liabilities and their carrying amounts in the financial statements and net operating loss carryforwards in certain subsidiaries, including those domiciled in foreign jurisdictions, which may be realized in future periods if the respective subsidiary generates sufficient taxable income. Deferred tax assets and liabilities are measured using currently enacted tax rates. A valuation allowance is established if, based on the available evidence, it is considered more likely than not that some portion or all of the deferred tax assets will not be realized. Refer to Note 13, "Income Taxes," for additional information.

Temporary Equity

Share-Based Compensation

We account for awards of restricted stock in accordance with ASC 718-10, "Compensation-Stock Compensation." ASC 718-10 requires that compensation cost for all stock awards be calculated and amortized over the service period (generally equal to the vesting period). The fair value of restricted stock awards with service vesting is equal to the fair value of our stock on the grant date. Share-based compensation cost for service vesting restricted stock awards is measured based on the closing share price of our common stock on the date of grant. We measure the fair value of awards with performance conditions based on an estimate of shares expected to vest using the closing price of our common stock as of the grant date. If it is not probable that the performance conditions will be satisfied, we do not recognize compensation expense. We estimate the fair value of share-based compensation for restricted stock with market conditions using a Monte Carlo simulation. We recognize compensation cost ratably over each tranche of shares based on the fair value estimated by the model. We also recognize related estimated award forfeitures ratably over each tranche of shares. We estimate forfeitures at the time of grant based on the historical turnover rate of employees and non-employees that are recipients of an award. We update our assumptions annually for the subsequent year awards. Refer to Note 11, "Share-Based Compensation," for additional information.

Fair Value of Financial Instruments

Our financial instruments consist primarily of cash, cash equivalents and restricted cash, marketable securities, notes and other receivables, derivative assets, debt, warrants and other liabilities. We utilize fair value measurements to record fair value adjustments to certain assets and liabilities and to determine fair value disclosures, pursuant to ASC 820, "Fair Value Measurements and Disclosures."

ASC 820, "Fair Value Measurements and Disclosures," requires disclosure regarding determination of fair value for assets and liabilities and establishes a hierarchy under which these assets and liabilities must be grouped, based on significant levels of observable or unobservable inputs. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect our market assumptions. This hierarchy requires the use of observable market data when available. These two types of inputs have created the following fair value hierarchy:

Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access;

Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations in which all significant inputs and significant value drivers are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severity, etc.) in active markets or can be corroborated by observable market data; and

Level 3 - Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The unobservable inputs reflect our assumptions about the assumptions that market participants would use.

Refer to Note 16, "Fair Value of Financial Instruments," for additional information on methods and assumptions used to estimate the fair value of each financial instrument class.

Revenue Recognition

As a real estate owner and operator, the majority of our revenue is derived from site and home leases, and wet slip and dry storage space leases that are accounted for pursuant to ASC 842, "Leases." We account for revenue from contracts with customers following ASC 606, "Revenue from Contracts with Customers," except for those that are within the scope of other topics in the FASB ASC. The core principle of ASC 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. A five-step transactional analysis is required to determine how and when to recognize revenue. For transactions in the scope of ASC 606, we recognize revenue when control of goods or services transfers to the customer, in the amount that we expect to receive for the transfer of goods or provision of services. Due to the nature and timing of our identified revenue streams, there were no material outstanding performance obligations as of December 31, 2023. Refer to Note 2, "Revenue," for additional information.

Income from real property at our MH and RV properties includes revenue from residents and guests in our communities, who lease the site on which their home or RV is located and either own or lease their home or RV, rental home revenue, and short-term vacation home and site rentals. Revenues from residents and guests includes revenues from site leases to annual MH residents and annual RV guests, and site rentals to transient RV guests. Resident leases are generally for one-year, but may range from month-to-month to two year terms and are renewable by mutual agreement between the parties, or in some cases, as provided by statute. Revenues from site and home leases fall under the scope of ASC 842, and are accounted for as operating leases with straight-line recognition. Non-lease components of our site lease contracts, which are primarily provision of utility services, are accounted for with the site lease as a single lease component per ASC 842. In accordance with the practical expedient criteria to combine lease and non-lease components, we noted that the timing and pattern of transfer for the lease and non-lease components are the same, and the leases qualify as operating leases. Accordingly, we present rental revenues and utility recoveries as a single lease component within Income from real property in the Consolidated Statement of Operations. Rental home revenues which comprise rental agreements whereby we lease homes to residents in our communities, and short-term vacation home and site rentals are accounted for under ASC 842. Additionally, we include collections of real estate taxes from residents and guests within Income from real property. When payment of revenue is received in advance of being earned, those amounts are classified as deferred revenues.

Income from real property at our marinas includes rental income which consists primarily of storage revenues, derived from leasing out wet slips and storage spaces. The majority of our slip and storage space leases have annual terms that are generally billed seasonally and are renewable by mutual agreement between the parties. Slip and storage space leases are paid annually, seasonally, quarterly, monthly or transient by night. In accordance with ASC 842, slip and storage space lease revenues are typically earned on a monthly basis over the course of the term of the lease and are accounted for as operating leases with straight-line recognition. Storage income is earned when services have been rendered. When payment is received in advance of being earned, those amounts are classified as deferred revenues. There are commercial buildings and / or space within commercial buildings that we lease out in annual or multi-year arrangements. In accordance with ASC 842, commercial lease revenue is typically earned on a monthly basis. We recognize lease revenue on a straight-line basis when rental agreements contain material escalation clauses. As a lessor, we have a significant amount of variable lease payments that we receive, usually from revenue derived from percentage-based leases. The revenue from these leases is accounted for on an as earned basis. We also have a number of short-term leases that are accounted for on an as earned basis. All our revenues are recognized net of taxes collected from customers and submitted to taxing authorities. Real estate taxes are recorded as a liability when collected and released when payments are remitted to tax authorities.

Revenue from home sales - SHS, our U.S. taxable REIT subsidiary, and Park Holidays, sell manufactured homes to current and prospective residents in our communities. We recognize revenue from home sales pursuant to ASC 606 as manufactured homes are tangible personal property that can be located on any land parcel. Manufactured homes are not permanent fixtures or improvements to the underlying real estate and we therefore do not consider them to be subject to the guidance in ASC 360-20, "Real Estate Sales." In accordance with the core principle of ASC 606, we recognize revenue from home sales at the time of closing when control of the home transfers to the customer. After closing of the sale transaction, we have no remaining performance obligation. As of December 31, 2023 and 2022, we had $28.2 million and $28.9 million, respectively, of receivables from contracts with customers, which consists of home sales proceeds, and are presented as a component of Notes and other receivables, net on our Consolidated Balance Sheets. These receivables represent balances owed to us for previously completed performance obligations for sales of manufactured homes. We report real estate taxes collected from residents and remitted to taxing authorities in revenue.

Service, retail, dining and entertainment revenue - is primarily composed of proceeds from restaurant, golf, merchandise, retail, fuel, service and other activities at our RV communities, marinas, and MH communities in the U.K, and is accounted for in accordance with ASC 606. Revenues are recognized at the point of sale when control of the good or service transfers to the customer and our performance obligation has been satisfied. In addition, Marina rental income, which includes boat rentals is earned when the customer takes control of the good or service and is included in Service, retail, dining and entertainment revenue. Sales and other taxes that we collect concurrent with revenue-producing activities are excluded from the transaction price.

Interest income - is earned primarily on our notes receivable, which include installment notes receivables on manufactured homes purchased by us from loan originators and notes receivable from real estate developers and operators. Interest income on these receivables is accrued based on the unpaid principal balances of the underlying loans on a level yield basis over the life of the loans. Interest income is not in the scope of ASC 606. Refer to Note 4, "Notes and Other Receivables," for additional information.

Brokerage commissions and other - comprise brokerage commissions for sales of manufactured homes at our MH and RV communities and brokerage commissions at our marinas, where we act as agent and arrange for a third party to transfer a manufactured home, a park model or a boat to a customer within one of our properties. Brokerage commission revenues are accounted for in accordance with ASC 606 and are recognized on a net basis at closing, when the transaction is completed and our performance obligations have been fulfilled. Other revenues primarily include prepaid rent adjustments, proceeds from business interruption insurance, dividend income and management fees earned from managing third-party-owned holiday parks and third-party-owned marinas.

Advertising Costs

Advertising costs are expensed as incurred. As of December 31, 2023, 2022 and 2021, we had advertising costs of $33.8 million, $30.9 million and $14.5 million, respectively.

Depreciation and Amortization

Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets, ranging from two months to 53 years depending upon the asset classification.

Asset Class

Useful Life

Land improvements and buildings

1 year

53 years

Rental homes

10 years

Furniture, fixtures and equipment

1 year

40 years

Computer hardware and software

1 year

8 years

Dock improvements

1 year

52 years

Site improvements

1 year

40 years

Leasehold improvements

Lesser of lease term or useful life of assets

Goodwill

Indefinite

In-place leases (including slip in-place leases)

2 months

13 years

Non-competition agreements

5 years

Trademarks and trade names

Various(1)

Customer relationships

4 years

17 years

Franchise agreements and other intangible assets

1 year

27 years

(1)Trademarks and trade names have an indefinite life or a three to 15 year useful life as of the acquisition date.

Foreign Currency

The assets and liabilities of our operations in the UK, Australia and Canada, where the functional currency is the Pound sterling, Australian dollar and Canadian dollar, respectively, are translated into U.S. dollars using the exchange rate in effect as of the balance sheet date. Income statement amounts are translated at the average exchange rate prevailing during the period. The resulting translation adjustments are recorded as a component of Accumulated other comprehensive income / (loss). Foreign currency exchange gains and losses arising from fluctuations in currency exchange rates on transactions and the effects of remeasurement of monetary balances denominated in currencies other than the functional currency are recorded in earnings within Gain / (loss) on foreign currency exchanges on the Consolidated Statements of Operations.

For the years ended, December 31, 2023, 2022 and 2021, we recorded a foreign currency exchange loss of $0.3 million, gain of $5.4 million and loss of $3.7 million, respectively, on our Consolidated Statements of Operations.

Derivative Instruments and Hedging Activities

We enter into derivative instruments for risk management purposes to minimize the effect of interest rate changes on future cash outflows related to outstanding floating rate debt and forecasted issuances of long-term debt. Treasury rate lock contracts, interest rate swaps and forward swaps are used to accomplish this objective. We do not enter into derivative instruments for speculative purposes.

We recognize derivative instruments at fair value on a recurring basis on the Consolidated Balance Sheets and classify the derivatives within Level 2 of the fair value hierarchy. We adjust our Consolidated Balance Sheets on a quarterly basis to reflect the current fair market value of the derivative instruments. Refer to Note 16, "Fair Value of Financial Instruments," for additional information related to the fair value methodology used for derivative financial instruments.

As of December 31, 2023, all outstanding derivative instruments have been designated as cash flow hedges under ASC Topic 815, "Derivatives and Hedging." These contracts have maturities of 10 years or less. The risk being hedged is the interest rate risk related to forecasted debt transactions and outstanding floating rate debt. We assess the effectiveness of the derivative instruments in hedging the underlying interest rate exposure both at inception and on an ongoing basis. The unrealized gains or losses on the derivative instruments are recorded in Accumulated other comprehensive income / (loss) and are reclassified into earnings as decrease or increase to Interest expense on the Consolidated Statements of Operations during the same period in which the hedged transaction affects earnings. We estimate that $15.5 million will be reclassified as a reduction to Interest expense over the next 12 months for all of our outstanding cash flow hedges. Cash flow from these derivative instruments is classified in the same category as the cash flow items being hedged on the Consolidated Statements of Cash Flows. Refer to Note 15, "Derivative Financial Instruments," for additional information regarding derivative activity.

Accounting for Leases

Lessee Accounting

Pursuant to ASC Topic 842, "Leases," we determine if an arrangement is a lease at inception. Our operating lease agreements are primarily for land and submerged land under non-cancelable operating leases at certain properties, executive office spaces and certain equipment leases. The ROU asset and liabilities are included within Other assets, net and Other liabilities on the Consolidated Balance Sheets.

For operating leases with a term greater than one year, we recognize the ROU assets and liabilities related to the lease payments on the Consolidated Balance Sheets. The lease liabilities are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date. The ROU assets represent our right to use the underlying assets for the term of the lease and the lease liabilities represent our obligation to make lease payments arising for the agreements. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received, and any adjustments to reflect favorable or unfavorable terms of the lease when compared with market terms. The ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, plus unamortized initial direct costs, plus (minus) any prepaid (accrued) lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The ROU asset is periodically reduced by impairment losses.

Variable lease payments, except for the ones that depend on index or rate, are excluded from the calculation of the ROU assets and lease liabilities and are recognized as variable lease expense in the Consolidated Statements of Operations in the period in which they are incurred. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Many of our lessee agreements include options to extend the lease, which we do not include in our minimum lease terms unless they are reasonably certain to be exercised. The lease liability costs are amortized over the straight-line method over the term of the lease. Operating leases with a term of less than one year are recognized as a lease expense over the term of the lease, with no asset or liability recognized on the Consolidated Balance Sheets.

Finance leases where we are the lessee are included in Other assets, net and Other liabilities on our Consolidated Balance Sheets. The lease liabilities are initially measured in the same manner as operating leases and are subsequently measured at amortized cost using the effective interest method. The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date, plus any initial direct costs incurred less any lease incentives received, and any adjustments to reflect favorable or unfavorable terms of the lease when compared with market terms. For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. We do not recognize an amortization of finance lease ROU asset on land as land is not amortizable. ROU assets are periodically assessed and adjusted for impairment. As of December 31, 2023, we have had no impairment losses. Refer to Note 18, "Leases," for information regarding leasing activities.

Lessor Accounting

Leases to Customers

Our income from real property at our MH and RV properties is derived from rental agreements where we are the lessor. ASC 842 limits the definition of initial direct costs to only the incremental costs of signing a lease. Internal sales employees' compensation, payroll-related fringe benefits, certain legal fees rendered prior to the execution of a lease, negotiation costs, advertising and other origination effort costs do not meet the definition of an initial direct cost and therefore, are accounted for as General and administrative expense or Property operating and maintenance expense in our Consolidated Statements of Operations. ASC 842 permits the capitalization of direct commission costs.

Our MH and RV sites are typically leased to customers on an annual basis. Seasonal RV sites are generally leased to customers for a period less than one year. Transient RV sites are leased to customers on a short-term basis. In addition, customers may lease homes that are located in our MH communities. Our MH and RV leases with customers are classified as operating leases. Fixed lease income from tenants is recognized on a straight-line basis over the terms of the relevant lease agreement and is included within Income from real property and Brokerage commissions and other revenue, net on the Consolidated Statements of Operations. Variable lease income consists of rent primarily based on a percentage of revenues at the related properties and is included within Income from real property and Brokerage commissions and other, net on the Consolidated Statements of Operations. When collectability is not reasonably assured, the resident is placed on non-accrual status and revenue is recognized when cash payments are received.

Our income from customers for wet slips and dry storage space leases at our marinas is accounted for pursuant to ASC 842. Wet slips and dry storage spaces are typically leased to customers on an annual basis. Seasonal wet slips and dry storage spaces are generally leased to customers for a period of less than one year. Transient wet slips and dry storage spaces are leased to customers on a short-term basis. Our wet slips and dry storage space leases are classified as operating leases with lease income recognized over the term of the respective operating lease or the length of a customer's stay.

Leases to Real Estate Operators

We do not have any operating leases with real estate operators at our MH properties. At our RV communities and marinas, our non-cancellable leases with real estate operators where we are the lessor are classified as operating leases with lease income recognized on a straight line basis over the terms of the relevant lease agreement and is included within Income from real property and Brokerage commissions and other, net.

Quarterly Financial Data (Unaudited and Restated) (Tables)

12 Months Ended

Dec. 31, 2023

Quarterly Financial Information Disclosure [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The restated Consolidated Balance Sheet line items for the first through third quarters of 2023 were as follows:


	As of March 31, 2023
	As Previously Reported		Adjustments		As Restated
Goodwill	$	1,092.6	$	(15.7)	$	1,076.9
Total assets	$	17,363.8	$	(15.7)	$	17,348.1
Other liabilities(1)	$	940.1	$	(0.1)	$	940.0
Total liabilities(1)	$	9,294.8	$	(0.1)	$	9,294.7
Temporary equity	$	298.9	$	(0.1)	$	298.8
Accumulated other comprehensive income	$	7.7	$	(0.3)	$	7.4
Distributions in excess of accumulated earnings	$	(1,875.0)	$	(14.8)	$	(1,889.8)
Total SUI shareholder's equity	$	7,690.3	$	(15.1)	$	7,675.2
Common and preferred OP units	$	79.8	$	(0.4)	$	79.4
Total noncontrolling interests	$	79.8	$	(0.4)	$	79.4
Total shareholder's equity	$	7,770.1	$	(15.5)	$	7,754.6
Total liabilities, temporary equity and shareholder's equity	$	17,363.8	$	(15.7)	$	17,348.1

(1) Adjustments due to rounding effects.


	As of June 30, 2023
	As Previously Reported		Adjustments		As Restated
Goodwill	$	1,104.2	$	(326.5)	$	777.7
Total assets	$	17,561.4	$	(326.5)	$	17,234.9
Other liabilities(1)	$	958.3	$	(0.1)	$	958.2
Total liabilities(1)	$	9,474.8	$	(0.1)	$	9,474.7
Temporary equity	$	298.1	$	(4.1)	$	294.0
Accumulated other comprehensive income	$	37.6	$	(1.4)	$	36.2
Distributions in excess of accumulated earnings	$	(1,898.2)	$	(312.2)	$	(2,210.4)
Total SUI shareholder's equity	$	7,708.1	$	(313.6)	$	7,394.5
Common and preferred OP units	$	80.4	$	(8.7)	$	71.7
Total noncontrolling interests	$	80.4	$	(8.7)	$	71.7
Total shareholder's equity	$	7,788.5	$	(322.3)	$	7,466.2
Total liabilities, temporary equity and shareholder's equity	$	17,561.4	$	(326.5)	$	17,234.9

(1) Adjustments due to rounding effects.


	As of September 30, 2023
	As Previously Reported		Adjustments		As Restated
Goodwill	$	1,084.1	$	(358.7)	$	725.4

Total assets	$	17,605.3	$	(358.7)	$	17,246.6
Other liabilities(1)	$	928.9	$	(0.1)	$	928.8
Total liabilities(1)	$	9,465.0	$	(0.1)	$	9,464.9
Temporary equity	$	304.5	$	(4.7)	$	299.8
Accumulated other comprehensive income	$	5.2	$	11.2	$	16.4
Distributions in excess of accumulated earnings	$	(1,848.2)	$	(355.2)	$	(2,203.4)
Total SUI shareholder's equity	$	7,739.8	$	(344.0)	$	7,395.8
Common and preferred OP units	$	96.0	$	(9.9)	$	86.1
Total noncontrolling interests	$	96.0	$	(9.9)	$	86.1
Total shareholder's equity	$	7,835.8	$	(353.9)	$	7,481.9
Total liabilities, temporary equity and shareholder's equity	$	17,605.3	$	(358.7)	$	17,246.6

(1) Adjustments due to rounding effects.

The restated line items of the Consolidated Statements of Operations and Comprehensive Income / (Loss) for the first through third quarters of 2023 are as follows:


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated
Goodwill impairment	$	—	$	15.4	$	15.4
Total expenses	$	653.2	$	15.4	$	668.6
Loss before other items	$	(2.0)	$	(15.4)	$	(17.4)
Net loss	$	(32.9)	$	(15.4)	$	(48.3)
Loss attributable to noncontrolling interests	$	(5.2)	$	(0.6)	$	(5.8)
Net loss attributable to SUI common shareholders	$	(30.1)	$	(14.8)	$	(44.9)

Basic loss per share	$	(0.24)	$	(0.12)	$	(0.36)
Diluted loss per share	$	(0.24)	$	(0.12)	$	(0.36)


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustments		As Restated
Net loss	$	(32.9)	$	(15.4)	$	(48.3)
Foreign currency translation gain arising during period	$	17.2	$	(0.3)	$	16.9
Net foreign currency translation gain	$	29.1	$	(0.3)	$	28.8


Total Comprehensive Loss	$	(14.7)	$	(15.7)	$	(30.4)
Less: Comprehensive loss attributable to noncontrolling interests	$	4.6	$	0.6	$	5.2
Comprehensive loss attributable to SUI	$	(10.1)	$	(15.1)	$	(25.2)


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Goodwill impairment	$	—	$	309.7	$	309.7	$	—	$	325.1	$	325.1
Total expenses	$	774.6	$	309.7	$	1,084.3	$	1,427.8	$	325.1	$	1,752.9
Income / (loss) before other items	$	88.9	$	(309.7)	$	(220.8)	$	86.9	$	(325.1)	$	(238.2)
Net income / (loss)	$	97.5	$	(309.7)	$	(212.2)	$	64.6	$	(325.1)	$	(260.5)
Preferred return to preferred OP units / equity interests(1)	$	3.3	$	(0.1)	$	3.2	$	5.7	$	(0.1)	$	5.6
Income / (loss) attributable to noncontrolling interests	$	4.4	$	(12.2)	$	(7.8)	$	(0.8)	$	(12.8)	$	(13.6)
Net income / (loss) attributable to SUI common shareholders	$	89.8	$	(297.4)	$	(207.6)	$	59.7	$	(312.2)	$	(252.5)
Weighted average common shares outstanding - diluted	123.4		2.7		126.1		123.4		2.8		126.2
Basic earnings / (loss) per share	$	0.72	$	(2.39)	$	(1.67)	$	0.48	$	(2.51)	$	(2.03)
Diluted earnings / (loss) per share	$	0.72	$	(2.40)	$	(1.68)	$	0.48	$	(2.52)	$	(2.04)

(1) Adjustments due to rounding effects.


	Three Months Ended June 30, 2023						Six Months Ended June 30, 2023
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Net income / (loss)	$	97.5	$	(309.7)	$	(212.2)	$	64.6	$	(325.1)	$	(260.5)
Foreign currency translation gain arising during period	$	15.4	$	(1.1)	$	14.3	$	32.6	$	(1.4)	$	31.2
Net foreign currency translation gain	$	15.4	$	(1.1)	$	14.3	44.5		$	(1.4)	43.1
Total comprehensive income / (loss)	$	128.7	$	(310.8)	$	(182.1)	$	114.0	$	(326.5)	$	(212.5)
Less: Comprehensive (income) / loss attributable to noncontrolling interests	$	(5.7)	$	12.2	$	6.5	$	(1.1)	$	12.8	$	11.7
Comprehensive income / (loss) attributable to SUI	$	123.0	$	(298.6)	$	(175.6)	$	112.9	$	(313.7)	$	(200.8)


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Goodwill impairment	$	—	$	44.8	$	44.8	$	—	$	369.9	$	369.9
Total expenses	$	795.8	$	44.8	$	840.6	$	2,223.6	$	369.9	$	2,593.5
Income / (loss) before other items	$	187.4	$	(44.8)	$	142.6	$	274.3	$	(369.9)	$	(95.6)
Net income / (loss)	$	180.4	$	(44.8)	$	135.6	$	245.0	$	(369.9)	$	(124.9)
Preferred return to preferred OP units / equity interests(1)	$	3.3	$	0.1	$	3.4	$	9.0	$	—	$	9.0
Income / (loss) attributable to noncontrolling interests	$	14.0	$	(1.9)	$	12.1	$	13.2	$	(14.7)	$	(1.5)
Net income / (loss) attributable to SUI common shareholders	$	163.1	$	(43.0)	$	120.1	$	222.8	$	(355.2)	$	(132.4)
Weighted average common shares outstanding - diluted	123.5		—		123.5		123.4		0.4		123.8
Basic earnings / (loss) per share	$	1.31	$	(0.34)	$	0.97	$	1.79	$	(2.85)	$	(1.06)
Diluted earnings / (loss) per share	$	1.31	$	(0.34)	$	0.97	$	1.79	$	(2.86)	$	(1.07)

(1) Adjustments due to rounding effects.


	Three Months Ended September 30, 2023						Nine Months Ended September 30, 2023
	As Previously Reported		Adjustments		As Restated		As Previously Reported		Adjustments		As Restated
Net income / (loss)	$	180.4	$	(44.8)	$	135.6	$	245.0	$	(369.9)	$	(124.9)
Foreign currency translation gain / (loss) arising during period	$	(25.5)	$	12.6	$	(12.9)	$	7.1	$	11.2	$	18.3
Net foreign currency translation gain / (loss)	$	(25.5)	$	12.6	$	(12.9)	19.0		$	11.2	30.2
Total comprehensive income / (loss)	$	146.7	$	(32.2)	$	114.5	$	260.7	$	(358.7)	$	(98.0)
Less: Comprehensive (income) / loss attributable to noncontrolling interests	$	(12.7)	$	1.9	$	(10.8)	$	(13.8)	$	14.7	$	0.9
Comprehensive income / (loss) attributable to SUI	$	134.0	$	(30.3)	$	103.7	$	246.9	$	(344.0)	$	(97.1)

The restated line items for the Consolidated Statements of Shareholders' Equity for the first through third quarters of 2023 are as follows:


	As of March 31, 2023
	As Previously Reported		Adjustments		As Restated
Temporary equity	$	298.9	$	(0.1)	$	298.8
Accumulated other comprehensive income	$	7.7	$	(0.3)	$	7.4
Distributions in excess of accumulated earnings	$	(1,875.0)	$	(14.8)	$	(1,889.8)
Noncontrolling interests	$	79.8	$	(0.4)	$	79.4
Total shareholders' equity	$	7,770.1	$	(15.5)	$	7,754.6
Total equity	$	8,069.0	$	(15.6)	$	8,053.4

	As of June 30, 2023
	As Previously Reported		Adjustments		As Restated
Temporary equity	$	298.1	$	(4.1)	$	294.0
Accumulated other comprehensive income	$	37.6	$	(1.4)	$	36.2
Distributions in excess of accumulated earnings	$	(1,898.2)	$	(312.2)	$	(2,210.4)
Noncontrolling interests	$	80.4	$	(8.7)	$	71.7
Total shareholders' equity	$	7,788.5	$	(322.3)	$	7,466.2
Total equity	$	8,086.6	$	(326.4)	$	7,760.2

	As of September 30, 2023
	As Previously Reported		Adjustments		As Restated
Temporary equity	$	304.5	$	(4.7)	$	299.8
Accumulated other comprehensive income	$	5.2	$	11.2	$	16.4
Distributions in excess of accumulated earnings	$	(1,848.2)	$	(355.2)	$	(2,203.4)
Noncontrolling interests	$	96.0	$	(9.9)	$	86.1
Total shareholders' equity	$	7,835.8	$	(353.9)	$	7,481.9
Total equity	$	8,140.3	$	(358.6)	$	7,781.7

The following is a condensed summary of our unaudited quarterly results for the years ended December 31, 2023 and 2022 (in millions, except per share data):


	2023 Quarters								2022 Quarters
	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
	As Restated		As Restated		As Restated
Total Revenues	$	651.2	$	863.5	$	983.2	$	726.7	$	548.5	$	814.3	$	932.6	$	674.3
Total Expenses	668.6		1,084.3		840.6		740.9		523.0		707.7		763.1		667.5
Income / (Loss) Before Other Items	$	(17.4)	$	(220.8)	$	142.6	$	(14.2)	$	25.5	$	106.6	$	169.5	$	6.8

Net Income / (Loss)	$	(48.3)	$	(212.2)	$	135.6	$	(84.2)	$	1.5	$	81.3	$	177.0	$	4.0

Net Income / (Loss) Attributable to SUI Common Shareholders	$	(44.9)	$	(207.6)	$	120.1	$	(80.9)	$	0.7	$	74.0	$	162.6	$	4.7

Earnings per share(1)
Basic earnings / (loss) per share	$	(0.36)	$	(1.67)	$	0.97	$	(0.65)	$	0.01	$	0.61	$	1.32	$	0.04
Diluted earnings / (loss) per share	$	(0.36)	$	(1.68)	$	0.97	$	(0.65)	$	0.01	$	0.61	$	1.32	$	0.04

(1)Earnings per share for the year may not equal the sum of the quarters' earnings per share due to changes in basic and diluted shares outstanding.

Schedule of Quarterly Results

The following is a condensed summary of our unaudited quarterly results for the years ended December 31, 2023 and 2022 (in millions, except per share data):


	2023 Quarters								2022 Quarters
	March 31, 2023		June 30, 2023		September 30, 2023		December 31, 2023		March 31, 2022		June 30, 2022		September 30, 2022		December 31, 2022
	As Restated		As Restated		As Restated
Total Revenues	$	651.2	$	863.5	$	983.2	$	726.7	$	548.5	$	814.3	$	932.6	$	674.3
Total Expenses	668.6		1,084.3		840.6		740.9		523.0		707.7		763.1		667.5
Income / (Loss) Before Other Items	$	(17.4)	$	(220.8)	$	142.6	$	(14.2)	$	25.5	$	106.6	$	169.5	$	6.8

Net Income / (Loss)	$	(48.3)	$	(212.2)	$	135.6	$	(84.2)	$	1.5	$	81.3	$	177.0	$	4.0

Net Income / (Loss) Attributable to SUI Common Shareholders	$	(44.9)	$	(207.6)	$	120.1	$	(80.9)	$	0.7	$	74.0	$	162.6	$	4.7

Earnings per share(1)
Basic earnings / (loss) per share	$	(0.36)	$	(1.67)	$	0.97	$	(0.65)	$	0.01	$	0.61	$	1.32	$	0.04
Diluted earnings / (loss) per share	$	(0.36)	$	(1.68)	$	0.97	$	(0.65)	$	0.01	$	0.61	$	1.32	$	0.04

(1)Earnings per share for the year may not equal the sum of the quarters' earnings per share due to changes in basic and diluted shares outstanding.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principles of Consolidation

Use of Estimates

Segment Information

We evaluate segment operating performance based on NOI. Refer to Note 12, "Segment Reporting," for additional information.

Investment Property

Investment property is recorded at cost, less accumulated depreciation.

Acquisitions

Capitalized Costs

Maintenance, repairs and minor improvements to properties are expensed when incurred.

Certain expenditures to dealers and residents related to obtaining lessees in our communities are capitalized and amortized based on the anticipated term of occupancy of a resident.

Costs incurred to develop internal-use software are capitalized and amortized on a straight-line basis over the estimated useful life of the related software (typically one to eight years).


	Financial Statement Classification	Year Ended
Description		December 31, 2023		December 31, 2022
Secured debt - premium	Mortgage loans payable	$	—	$	0.1
Secured debt - deferred financing costs	Mortgage loans payable	(16.9)		(14.6)
Secured borrowings on collateralized receivables - fair value adjustment	Secured borrowings on collateralized receivables	1.9		—
Senior unsecured notes - discount	Unsecured debt	(6.5)		(6.1)
Senior unsecured notes - deferred financing costs	Unsecured debt	(16.0)		(14.3)
Lines of credit - deferred financing costs	Unsecured debt	(1.6)		(3.0)
Total deferred financing costs, discounts, premiums and fair value adjustments included in Debt		$	(39.1)	$	(37.9)
Lines of credit - deferred financing costs	Other assets, net	9.1		13.1
Total deferred financing costs, discounts, premiums and fair value adjustments		$	(48.2)	$	(51.0)

Cash and Cash Equivalents

Restricted Cash

Marketable Securities

Inventory

Investments in Nonconsolidated Affiliates

Notes and Other Receivables

Collateralized receivables - represent transferred loans that have not met the requirements for sale accounting under ASC 860, "Transfers and Servicing."

Refer to Note 4, "Notes and Other Receivables," for additional detail on receivables.

Goodwill

The carrying amount of goodwill is separately disclosed on our Consolidated Balance Sheets. Refer to Note 6, "Goodwill and Other Intangible Assets," for additional information on goodwill.

Other Intangible Assets

Deferred Taxes

Temporary Equity

Share-Based Compensation

Fair Value of Financial Instruments

Level 1 - Quoted unadjusted prices for identical instruments in active markets that we have the ability to access;

Refer to Note 16, "Fair Value of Financial Instruments," for additional information on methods and assumptions used to estimate the fair value of each financial instrument class.

Revenue Recognition

Advertising Costs

Advertising costs are expensed as incurred. As of December 31, 2023, 2022 and 2021, we had advertising costs of $33.8 million, $30.9 million and $14.5 million, respectively.

Depreciation and Amortization

Depreciation and amortization are computed on a straight-line basis over the estimated useful lives of the assets, ranging from two months to 53 years depending upon the asset classification.

Asset Class

Useful Life

Land improvements and buildings

1 year

53 years

Rental homes

10 years

Furniture, fixtures and equipment

1 year

40 years

Computer hardware and software

1 year

8 years

Dock improvements

1 year

52 years

Site improvements

1 year

40 years

Leasehold improvements

Lesser of lease term or useful life of assets

Goodwill

Indefinite

In-place leases (including slip in-place leases)

2 months

13 years

Non-competition agreements

5 years

Trademarks and trade names

Various(1)

Customer relationships

4 years

17 years

Franchise agreements and other intangible assets

1 year

27 years

(1)Trademarks and trade names have an indefinite life or a three to 15 year useful life as of the acquisition date.

Foreign Currency

Derivative Instruments and Hedging Activities

Accounting for Leases

Lessee Accounting

Lessor Accounting

Leases to Customers

Leases to Real Estate Operators

Restatement of Prior Quarterly 2023 Financial Statements (Unaudited)

Real Estate Acquisitions and Dispositions - Schedule of 2022 Acquisitions and Dispositions (Details)	3 Months Ended	12 Months Ended
	Dec. 31, 2022 site developmentSite manufacturedHome	Dec. 31, 2022 property site developmentSite manufacturedHome	Dec. 31, 2023 property	Dec. 31, 2023 site	Dec. 31, 2023 developmentSite
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces	24,347	24,347	227,340	92
Development Sites \| developmentSite	2,655	2,655			72
Number of managed properties \| property		2
Number of properties \| property		2
Jarrett Bay Boatworks
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	12	12
Development Sites \| developmentSite	0	0
Park Holidays
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	15,906	15,906
Development Sites \| developmentSite	608	608
Number of MH communities \| manufacturedHome		40
Bluewater Yacht Sales
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	0	0
Development Sites \| developmentSite	0	0
Park Leisure
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	2,914	2,914
Development Sites \| developmentSite	123	123
Number of MH communities \| manufacturedHome	11
Montauk Yacht Club
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	232	232
Development Sites \| developmentSite	0	0
Harrison Yacht Yard
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	21	21
Development Sites \| site	0	0
Outer Banks
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	196	196
Development Sites \| developmentSite	0	0
Tower Marine
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	446	446
Development Sites \| developmentSite	0	0
Sandy Bay
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	730	730
Development Sites \| developmentSite	456	456
Christies Parks
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	249	249
Development Sites \| developmentSite	0	0
Bluewater
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	200	200
Development Sites \| developmentSite	0	0
Bodmin Holiday Park
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	69	69
Development Sites \| developmentSite	0	0
Kittery Point
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	62	62
Development Sites \| developmentSite	0	0
Spanish Trails MHC
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	195	195
Development Sites \| developmentSite	6	6
Pine Acre Trails
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	251	251
Development Sites \| developmentSite	603	603
Bel Air Estates & Sunrise Estates
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	379	379
Development Sites \| developmentSite	0	0
Callaly Leisure
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	380	380
Development Sites \| developmentSite	823	823
Number of development sites \| developmentSite	1	1
Newhaven
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	224	224
Development Sites \| developmentSite	14	14
Bayfront Marina
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	583	583
Development Sites \| developmentSite	0	0
Marina Bay Yacht Harbor
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	800	800
Development Sites \| developmentSite	0	0
Jellystone Lincoln
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	267	267
Development Sites \| developmentSite	0	0
Norway Commons
Business Acquisition [Line Items]
Sites, Wet Slips and Dry Storage Spaces \| site	231	231
Development Sites \| developmentSite	22	22

Fair Value of Financial Instruments - Narrative (Details)		12 Months Ended
	Apr. 12, 2022	Dec. 31, 2023
Treasury Rate Lock \| Cash Flow Hedging \| Designated as Hedging Instrument
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Maximum maturities of contracts	10 years	10 years

Equity and Temporary Equity - Schedule of Preferred Units (Details) $ / shares in Units, $ in Millions		12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Class of Stock [Line Items]
Equity interest \| $	$ 260.9	$ 260.9	$ 299.8	$ 294.0	$ 298.8	$ 202.9	$ 288.9	$ 264.4
Issuance price (in dollars per share) \| $ / shares		$ 100.00
Redeemable Preferred OP Units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	2,608,906	2,608,906
Equity interest \| $	$ 250.2	$ 250.2				161.5
Series D preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	488,958	488,958
Exchange Rate	0.8000	0.8000
Annual Distribution Rate		0.040
Equity interest \| $	$ 46.9	$ 46.9				48.1
Series F preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	90,000	90,000
Exchange Rate	0.6250	0.6250
Annual Distribution Rate		0.030
Equity interest \| $	$ 8.5	$ 8.5				8.7
Series G preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	210,710	210,710
Exchange Rate	0.6452	0.6452
Annual Distribution Rate		0.032
Equity interest \| $	$ 20.4	$ 20.4				24.4
Series H preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	581,238	581,238
Exchange Rate	0.6098	0.6098
Annual Distribution Rate		0.030
Equity interest \| $	$ 55.0	$ 55.0				56.7
Series J preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	238,000	238,000
Exchange Rate	0.6061	0.6061
Annual Distribution Rate		0.0285
Equity interest \| $	$ 22.7	$ 22.7				23.6
Exchange period	30 days	30 days
Series K preferred OP units
Class of Stock [Line Items]
OP Units Outstanding (in shares) \| shares	1,000,000	1,000,000
Exchange Rate	0.5882	0.5882
Annual Distribution Rate		0.040
Equity interest \| $	$ 96.7	$ 96.7				$ 0.0
Common OP unit conversion ratio (in shares) \| shares	1	1
Exchange period	60 days	60 days
Preceding trading days, threshold	60 days	60 days
Percentage of conversation price, threshold for exchange	1.20	1.20
Series K preferred OP units \| Maximum
Class of Stock [Line Items]
Conversion price (in dollars per share) \| $ / shares	$ 170

Equity and Temporary Equity

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Equity and Temporary Equity

10. Equity and Temporary Equity

Temporary Equity

Redeemable Preferred OP Units

Temporary equity includes preferred securities that are redeemable for cash at the holder's option or upon the occurrence of an event that is not solely within our control based on a fixed or determinable price. These securities are not mandatorily redeemable for cash nor do they contain a fixed maturity date. The following table sets forth the various series of redeemable preferred OP units that were outstanding as of December 31, 2023 and 2022 and the related terms, and summarizes the balance included within Temporary Equity on our Consolidated Balance Sheets (in millions, except for statistical information):


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption(3)	Redemption Period	Carrying Amount
	December 31, 2023						December 31, 2023		December 31, 2022
Series D preferred OP units	488,958	0.8000	4.0	%	Holder's Option	Any time	$	46.9	$	48.1
Series F preferred OP units	90,000	0.6250	3.0	%	Holder's Option	Any time after earlier of May 14, 2025 or death of holder	8.5		8.7
Series G preferred OP units	210,710	0.6452	3.2	%	Holder's Option	Any time after earlier of September 30, 2025 or death of holder	20.4		24.4
Series H preferred OP units	581,238	0.6098	3.0	%	Holder's Option	Any time after earlier of October 30, 2025 or death of holder	55.0		56.7
Series J preferred OP units	238,000	0.6061	2.85	%	Holder's Option	During the 30-day period following a change of control of the Company or any time after April 21, 2026	22.7		23.6
Series K preferred OP units(4)	1,000,000	0.5882	4.0	%	Holder's Option	Within 60 days after March 23, 2028	96.7		—
Total	2,608,906						$	250.2	$	161.5

(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.

(2) Distributions are payable on the issue price of each OP unit, which is $100.00 per unit for all these preferred OP units.

(3) The redemption price for each preferred OP unit redeemed will be equal to its issue price plus all accrued but unpaid distributions.

Redeemable Equity Interests

The following table summarizes the redeemable equity interests included in Temporary Equity on our Consolidated Balance Sheets (in millions):


		Carrying Amount
Equity Interest	Description	December 31, 2023		December 31, 2022
FPG Sun Moreno Valley 66 LLC	In connection with the investment in land for future development in the city of Moreno Valley, California, at the property known as FPG Sun Moreno Valley 66 LLC	$	0.1	$	0.1
Solar Energy Project CA II LLC	A joint venture that operates and maintains solar energy equipment in select California communities	5.1		4.2
Solar Energy Project LLC	A joint venture that operates and maintains solar energy equipment in select California communities	2.3		1.9
Solar Energy Project III LLC	A joint venture that operates and maintains solar energy equipment in select Arizona and California communities	2.3		0.3
FPG Sun Menifee 80 LLC	In connection with the investment in land for future development in the city of Menifee, in California, at the property known as FPG Sun Menifee 80 LLC	0.1		0.1
NG Sun Whitewater LLC	In connection with the investment in land at the property known as Whitewater	—		3.2
NG Sun Beaver Brook LLC	In connection with the investment in Sun NG Beaver Brook LLC, a joint venture that operates one RV community in the U.S.	0.1		0.5
NG Sun LLC(1) and other stand-alone joint ventures	In connection with the investment in Sun NG Resorts, a joint venture that operates a portfolio of RV communities in the U.S.	0.7		31.1
Total		$	10.7	$	41.4

Permanent Equity

Universal Shelf Registration Statement

In April 2021, we filed a new universal shelf registration statement on Form S-3 with the SEC. The shelf registration statement was deemed automatically effective and provides for the registration of unspecified amounts of equity and debt securities. At our 2023 Annual Meeting of Shareholders on May 16, 2023, our shareholders approved the Articles of Amendment to the Company's charter, which increased the authorized number of shares of capital stock to 380,000,000 shares, of which 360,000,000 shares are common stock and 20,000,000 shares are preferred stock, par value $0.01 per share. As of December 31, 2023, we had 124,436,432 shares of common stock issued and outstanding and no shares of preferred stock were issued and outstanding.

Public Equity Offerings

In November 2021, we entered into two forward sale agreements relating to an underwritten registered public offering of 4,025,000 shares of our common stock at a public offering price of $185.00 per share and completed the offering on November 18, 2021 (the "November 2021 Forward Sale Agreements"). We did not initially receive any proceeds from the sale of shares of our common stock by the forward purchaser or its affiliates. In April 2022, we completed the physical settlement of the 4,025,000 shares of common stock and received aggregate net proceeds of $705.4 million. We used the net proceeds to repay borrowings outstanding under our Senior Credit Facility, and for working capital and general corporate purposes.

At the Market Offering Sales Agreement

In December 2021, we entered into an At the Market Offering Sales Agreement with certain sales agents and forward sellers pursuant to which we may sell, from time to time, up to an aggregate gross sales price of $1.25 billion of our common stock (the "Sales Agreement"), through the sales agents, acting as our sales agents or, if applicable, as forward sellers, or directly to the sales agents as principals for their own accounts. The sales agents and forward sellers are entitled to compensation in an agreed amount not to exceed 2.0% of the gross price per share for any shares sold under the Sales Agreement. We simultaneously terminated our prior sales agreement upon entering into the Sales Agreement. Through December 31, 2023, we had entered into forward sales agreements under our Sales Agreement for an aggregate gross sales price of $160.6 million.

During the three months ended September 30, 2022, we entered into forward sale agreements with respect to 15,000 shares of common stock under our Sales Agreement for $2.6 million. Additionally, we settled all of our outstanding forward sale agreements with respect to 1,526,212 shares of common stock which includes 620,109; 600,503; 290,600; and 15,000 shares of common stock from the three months ended December 31, 2021, March 31, June 30 and September 30, 2022 forward sale agreements, respectively. The net proceeds of $275.5 million from the settlement of these forward sale agreements were used to repay borrowings outstanding under our Senior Credit Facility.

During the three months ended June 30, 2022, we completed the physical settlement of 1,200,000 shares of common stock under our prior at the market offering program and received net proceeds of $229.5 million. Additionally, we entered into forward sales agreements with respect to 290,600 shares of common stock for $50.1 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022.

During the three months ended March 31, 2022, we entered into forward sales agreements with respect to 600,503 shares of common stock for $107.9 million, under our Sales Agreement. These forward sale agreements were settled during the three months ended September 30, 2022.

During the year ended December 31, 2021, we entered into forward sale agreements with respect to 1,820,109 shares of common stock under our prior at the market offering program for $356.5 million. We completed the physical settlement of 1,200,000 and 620,109 shares of common stock during the three months ended June 30, 2022 and September 30, 2022, respectively.

Issuances of Common Stock in Connection with the Acquisition of Certain Properties

In April 2022, we issued 186,044 shares of common stock with a value of $33.9 million in connection with the acquisition of Park Holidays.

Issuances of Common OP Units in Connection with the Acquisition of Certain Properties


Year Ended December 31, 2023 and 2022	Common OP Units Issued		Value at Issuance (in millions)		Related Acquisition
January 2023	31,289		$	4.4	Fox Run
May 2022	10,854	(1)	$	1.8	Rudgate
May 2022	5,605		$	1.0	Kittery Point
February 2022	14,683		$	2.8	Jarrett Bay Boatworks

Accumulated Other Comprehensive Income / (Loss)

AOCI attributable to SUI common shareholders is separately presented on our Consolidated Balance Sheets as a component of total SUI shareholders' equity. OCI attributable to noncontrolling interests is allocated to, and included within, Noncontrolling interests on our Consolidated Balance Sheets. Refer to the Statements of Comprehensive Income for complete details related to OCI activity in the reporting period.

AOCI attributable to SUI common shareholders consisted of the following, net of tax (in millions):


	December 31, 2023		December 31, 2022
Net foreign currency translation losses	$	(29.5)	$	(70.6)
Accumulated net gains on derivatives	41.7		60.7
Accumulated other comprehensive income / (loss)	$	12.2	$	(9.9)

Noncontrolling Interests - Common and Preferred OP Units


Description	OP Units Outstanding	Exchange Rate(1)	Annual Distribution Rate(2)		Cash Redemption	Redemption Period	Carrying Amount
	December 31, 2023						December 31, 2023		December 31, 2022
Common OP units	2,734,983	1.0000	Same distribution rate for common stock		N/A	N/A	$	46.5	$	31.5
Series A-1 preferred OP units	202,144	2.4390	6.0	%	N/A	N/A	11.5		14.0
Series A-3 preferred OP units	40,268	1.8605	4.5	%	N/A	N/A	2.4		2.7
Series C preferred OP units	305,848	1.1100	5.0	%	N/A	N/A	21.4		23.6
Series E preferred OP units	80,000	0.6897	5.5	%	N/A	N/A	6.4		6.9
Series L preferred OP units(3)	20,000	0.6250	3.5	%	N/A	N/A	2.0		—
Total	3,383,243						$	90.2	$	78.7

(1) Exchange rates are subject to adjustment upon stock splits, recapitalizations and similar events. The exchange rates of certain series of OP units are approximated to four decimal places.

(2) Distributions are payable on the issue price of each OP unit which is $100.00 per unit for all these preferred OP units.

Conversions

Conversions to Common Stock and Common OP Units - Subject to certain limitations, holders can convert certain series of OP units to shares of our common stock and to common OP units at any time. Below is the activity of conversions during the years ended December 31, 2023 and 2022:


		Year Ended
		December 31, 2023			December 31, 2022
Series	Conversion Rate	Units / Shares Converted	Common Stock(1)	Common OP Units(1)	Units / Shares Converted	Common Stock(1)
Aspen preferred OP units	Various(2)	1,258,819	113,972	293,838	25,000	8,007
Common OP units	1.0000	8,848	8,848	—	150,393	150,393
Series A-1 preferred OP units	2.4390	5,404	13,177	—	67,476	164,566



Series C preferred OP units	1.1100	165	183	—	150	166

Series E preferred OP units	0.6897	—	—	—	10,000	6,896

Series G preferred OP units	0.6452	30,000	19,353	—	—	—
Series H preferred OP units	0.6098	129	78	—	40	24
Series I preferred OP units	0.6098	—	—	—	922,000	562,195
Series J preferred OP units	0.6061	2,000	1,212	—	—	—

(1)Calculation may yield minor differences due to rounding incorporated in the above numbers.

(2)Refer to Note 9, "Debt and Line of Credit," for additional detail on Aspen preferred OP unit conversions.

Distributions

Distributions declared for the three months ended December 31, 2023 were as follows:

Common Stock, Common OP units and Restricted Stock Distributions

Record Date

Payment Date

Distribution Per Share

Total Distribution (in Millions)

December 31, 2023

12/29/2023

1/16/2024

0.93

118.2

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI https://asc.fasb.org//505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
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-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Leases - Lease Term and Discount Rate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted-average Remaining Lease Terms (years)
Finance lease	36 years 7 months 17 days	37 years 10 months 13 days
Operating lease	27 years 8 months 15 days	33 years 11 months 19 days
Weighted-average Discount Rate
Finance lease	3.59%	3.38%
Operating lease	3.82%	3.80%
Cash Paid for Amounts Included in the Measurement of Lease Liabilities
Operating cash outflows for operating leases	$ 13.5	$ 12.1	$ 6.6
Financing cash outflows for finance leases	0.8	6.2	0.3
Total Cash Paid on Lease Liabilities	$ 14.3	$ 18.3	$ 6.9

Fair Value of Financial Instruments - Schedule of Assets and Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Financial Assets
Cash, cash equivalents and restricted cash	$ 42.7	$ 90.4	$ 78.2	$ 92.6
Installment notes receivable on manufactured homes, net	421.6	617.3
Notes receivable from real estate developers and operators		305.2
Collateralized receivables, net (see Note 5)	$ 56.2	$ 0.0
Derivative Asset, Statement of Financial Position Extensible Enumeration Not Disclosed Flag	true	true
Financial Liabilities
Mortgage loans payable	$ 3,478.9	$ 3,217.8
Secured borrowings on collateralized receivables	55.8	0.0
Total Secured Debt	3,534.7	3,217.8
Unsecured debt
Senior unsecured notes	2,177.5	1,779.6
Installment notes receivable on manufactured homes, net
Financial Assets
Collateralized receivables, net (see Note 5)	56.2
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Assets
Notes receivable from real estate developers and operators		0.0
Significant Other Observable Inputs (Level 2)
Financial Assets
Notes receivable from real estate developers and operators		0.0
Significant Unobservable Inputs (Level 3)
Financial Assets
Notes receivable from real estate developers and operators		305.2
Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Financial Assets
Total assets measured at fair value	19.6	65.9	79.1
Fair Value, Recurring \| Marketable securities
Financial Assets
Marketable securities	0.0	127.3	$ 186.9
Reported Value Measurement
Financial Assets
Notes receivable from real estate developers and operators	134.5
Collateralized receivables, net (see Note 5)	56.2
Derivative assets	11.7
Financial Liabilities
Total Secured Debt	3,534.7
Unsecured debt
Senior unsecured notes	2,177.5	1,779.6
Lines of credit	2,065.1	2,199.8
Total unsecured debt	4,242.6	3,979.4
Derivative liabilities	7.7
Other financial liabilities (contingent consideration)	20.2	20.2
Total liabilities measured at fair value	7,805.2	7,217.4
Reported Value Measurement \| Secured Debt
Financial Liabilities
Mortgage loans payable	3,478.9	3,217.8
Secured borrowings on collateralized receivables	55.8
Reported Value Measurement \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net		65.9
Reported Value Measurement \| Fair Value, Recurring
Financial Assets
Cash, cash equivalents and restricted cash	42.7
Derivative assets		32.0
Total assets measured at fair value	264.7	620.8
Reported Value Measurement \| Fair Value, Recurring \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net	19.6
Reported Value Measurement \| Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Unsecured debt
Total unsecured debt		0.0
Total liabilities measured at fair value		0.0
Reported Value Measurement \| Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Secured Debt
Financial Liabilities
Mortgage loans payable		0.0
Reported Value Measurement \| Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net		0.0
Reported Value Measurement \| Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Unsecured debt
Total unsecured debt		3,632.5
Total liabilities measured at fair value		6,446.6
Reported Value Measurement \| Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Secured Debt
Financial Liabilities
Mortgage loans payable		2,814.1
Reported Value Measurement \| Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net		0.0
Reported Value Measurement \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Unsecured debt
Total unsecured debt		0.0
Total liabilities measured at fair value		20.2
Reported Value Measurement \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Secured Debt
Financial Liabilities
Mortgage loans payable		0.0
Reported Value Measurement \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net		65.9
Reported Value Measurement \| Fair Value, Recurring \| Marketable securities
Financial Assets
Cash, cash equivalents and restricted cash		90.4
Marketable securities		127.3
Reported Value Measurement \| Fair Value, Recurring \| Marketable securities \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Assets
Cash, cash equivalents and restricted cash		90.4
Marketable securities		127.3
Reported Value Measurement \| Fair Value, Recurring \| Marketable securities \| Significant Other Observable Inputs (Level 2)
Financial Assets
Cash, cash equivalents and restricted cash		0.0
Marketable securities		0.0
Reported Value Measurement \| Fair Value, Recurring \| Marketable securities \| Significant Unobservable Inputs (Level 3)
Financial Assets
Cash, cash equivalents and restricted cash		0.0
Marketable securities		0.0
Estimate of Fair Value Measurement \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Assets
Notes receivable from real estate developers and operators	0.0
Collateralized receivables, net (see Note 5)	0.0
Derivative assets	0.0
Estimate of Fair Value Measurement \| Significant Other Observable Inputs (Level 2)
Financial Assets
Notes receivable from real estate developers and operators	0.0
Collateralized receivables, net (see Note 5)	0.0
Estimate of Fair Value Measurement \| Significant Unobservable Inputs (Level 3)
Financial Assets
Notes receivable from real estate developers and operators	134.5
Collateralized receivables, net (see Note 5)	56.2
Derivative assets	0.0
Estimate of Fair Value Measurement \| Fair Value, Recurring
Financial Assets
Cash, cash equivalents and restricted cash	42.7
Notes receivable from real estate developers and operators	134.5
Collateralized receivables, net (see Note 5)	56.2
Derivative assets	11.7	32.0
Total assets measured at fair value	264.7	620.8
Financial Liabilities
Secured borrowings on collateralized receivables	55.8
Total Secured Debt	3,222.8
Unsecured debt
Senior unsecured notes	1,973.2	1,432.7
Lines of credit	2,065.1	2,199.8
Total unsecured debt	4,038.3	3,632.5
Derivative liabilities	7.7
Other financial liabilities (contingent consideration)	20.2	20.2
Total liabilities measured at fair value	7,289.0	6,466.8
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Secured Debt
Financial Liabilities
Mortgage loans payable	3,167.0	2,814.1
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net	19.6	65.9
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Financial Assets
Cash, cash equivalents and restricted cash	42.7
Derivative assets		0.0
Total assets measured at fair value	42.7	217.7
Financial Liabilities
Total Secured Debt	0.0
Unsecured debt
Senior unsecured notes	0.0	0.0
Lines of credit	0.0	0.0
Total unsecured debt	0.0
Derivative liabilities	0.0
Other financial liabilities (contingent consideration)	0.0	0.0
Total liabilities measured at fair value	0.0
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Secured Debt
Financial Liabilities
Mortgage loans payable	0.0
Secured borrowings on collateralized receivables	0.0
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net	0.0
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Significant Other Observable Inputs (Level 2)
Financial Assets
Cash, cash equivalents and restricted cash	0.0
Derivative assets	11.7	32.0
Total assets measured at fair value	11.7	32.0
Financial Liabilities
Total Secured Debt	3,167.0
Unsecured debt
Senior unsecured notes	1,973.2	1,432.7
Lines of credit	2,065.1	2,199.8
Total unsecured debt	4,038.3
Derivative liabilities	7.7
Other financial liabilities (contingent consideration)	0.0	0.0
Total liabilities measured at fair value	7,213.0
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Secured Debt
Financial Liabilities
Mortgage loans payable	3,167.0
Secured borrowings on collateralized receivables	0.0
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Significant Other Observable Inputs (Level 2) \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net	0.0
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3)
Financial Assets
Cash, cash equivalents and restricted cash	0.0
Derivative assets		0.0
Total assets measured at fair value	210.3	371.1
Financial Liabilities
Total Secured Debt	55.8
Unsecured debt
Senior unsecured notes	0.0	0.0
Lines of credit	0.0	0.0
Total unsecured debt	0.0
Derivative liabilities	0.0
Other financial liabilities (contingent consideration)	20.2	20.2
Total liabilities measured at fair value	76.0
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Secured Debt
Financial Liabilities
Mortgage loans payable	0.0
Secured borrowings on collateralized receivables	55.8
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Significant Unobservable Inputs (Level 3) \| Installment notes receivable on manufactured homes, net
Financial Assets
Installment notes receivable on manufactured homes, net	$ 19.6
Estimate of Fair Value Measurement \| Fair Value, Recurring \| Marketable securities
Financial Assets
Cash, cash equivalents and restricted cash		90.4
Marketable securities		$ 127.3

SCHEDULE III

12 Months Ended

Dec. 31, 2023

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

Real Estate and Accumulated Depreciation, Schedule III

The following tables set forth real estate and accumulated depreciation relating to our MH and RV properties.


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)		Land		Depreciable Assets		Land			Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
47 North(2)(5)	Cle Elum, WA	$	—	$	19.7	$	—	$	6.8		$	10.2	$	26.5	$	10.2	$	36.7	$	(0.1)	2021	(C)
49'er Village(8)	Plymouth, CA	—		2.2		10.7		—			3.3		2.2		14.0		16.2		(3.5)		2017	(A)
Academy / West Point	Canton, MI	38.0		1.5		14.3		—			12.2		1.5		26.5		28.0		(15.8)		2000	(A)
Allendale Meadows	Allendale, MI	27.3		0.4		3.7		—			7.7		0.4		11.4		11.8		(8.0)		1996	(A)
Alpine Meadows	Grand Rapids, MI	—		0.7		6.7		—			10.3		0.7		17.0		17.7		(10.9)		1996	(A&C)
Alta Laguna	Rancho Cucamonga, CA	37.5		23.7		21.1		—			1.9		23.7		23.0		46.7		(6.0)		2016	(A)
Andover	Grass Lake, MI	—		2.1		11.2					1.1		2.1		12.3		14.4		(1.0)		2021	(A)
Apple Carr Village	Muskegon, MI	—		0.8		6.2		0.3			28.7		1.1		34.9		36.0		(10.2)		2011	(A&C)
Apple Creek	Amelia, OH	6.9		0.5		5.5		—			4.6		0.5		10.1		10.6		(5.9)		1999	(A)
Arbor Terrace(8)	Bradenton, FL	22.1		0.4		4.4		—			7.7		0.4		12.1		12.5		(6.7)		1996	(A)
Arbor Woods	Ypsilanti, MI	—		3.3		12.4		—			11.9		3.3		24.3		27.6		(7.8)		2017	(A)
Ariana Village	Lakeland, FL	10.9		0.2		2.2		—			2.6		0.2		4.8		5.0		(2.7)		1994	(A)
Augusta Village	Augusta, ME	—		0.8		3.1		—			0.8		0.8		3.9		4.7		(0.4)		2020	(A)
Austin Lone Star(8)	Austin, TX	—		0.6		7.9		—			2.3		0.6		10.2		10.8		(2.6)		2016	(A)
Autumn Ridge	Ankeny, IA	22.5		0.8		8.1		—			8.8		0.8		16.9		17.7		(10.4)		1996	(A)
Bahia Vista Estates	Sarasota, FL	—		6.8		17.7		—			3.5		6.8		21.2		28.0		(5.3)		2016	(A)
Baker Acres(8)	Zephyrhills, FL	11.0		2.1		11.9		(0.1)		(3)	4.0		2.0		15.9		17.9		(3.9)		2016	(A)
Beechwood	Killingworth, CT	—		7.9		18.4		—			1.9		7.9		20.3		28.2		(3.0)		2019	(A)
Bear Lake Development Land(5)	Garden City, UT	—		6.1		—		—			4.4		6.1		4.4		10.5		—		2022	(C)
Bel Air Estates	Menifee, CA	—		4.3		14.4		—			0.9		4.3		15.3		19.6		(0.8)		2022	(A)
Bell Crossing	Clarksville, TN	8.6		0.7		1.9		—			6.6		0.7		8.5		9.2		(5.7)		1999	(A&C)
Big Tree(8)	Arcadia, FL	—		1.2		13.5		0.1			3.3		1.3		16.8		18.1		(4.4)		2016	(A)
Birch Hill Estates	Bangor, ME	—		2.0		29.5		—			1.4		2.0		30.9		32.9		(3.7)		2020	(A)
Blue Heron Pines	Punta Gorda, FL	16.5		0.4		35.3		—			7.0		0.4		42.3		42.7		(11.7)		2015	(A&C)
Blue Jay(8)	Dade City, FL	—		2.0		9.7		—			2.7		2.0		12.4		14.4		(3.0)		2016	(A)
Blue Star(7)	Apache Junction, AZ	2.3		5.1		12.7		(4.1)		(7)	(9.3)		1.0		3.4		4.4		(0.8)		2014	(A)
Blueberry Hill	Bushnell, FL	17.3		3.8		3.2		—			4.4		3.8		7.6		11.4		(3.0)		2012	(A)
Bluebonnet Lake(5)	Austin, TX	—		8.5		—		—			3.9		8.5		3.9		12.4		—		2021	(C)
Boulder Ridge	Pflugerville, TX	24.4		1.0		0.5		3.3			59.8		4.3		60.3		64.6		(22.7)		1998	(C)
Branch Creek	Austin, TX	21.4		0.8		3.7		—			8.5		0.8		12.2		13.0		(7.8)		1995	(A&C)
Brentwood Estates	Hudson, FL	5.3		1.1		9.4		0.1			2.1		1.2		11.5		12.7		(3.4)		2015	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Brentwood Village	Kentwood, MI	9.4	0.4	3.6	(0.1)	(3)	2.1	0.3	5.7	6.0	(3.8)	1996	(A)
Brentwood West	Mesa, AZ	26.7	13.6	24.2	—		1.4	13.6	25.6	39.2	(8.4)	2014	(A)
Broadview Estates	Davison, MI	—	0.7	6.1	—		26.0	0.7	32.1	32.8	(17.1)	1996	(A&C)
Brook Ridge	Hooksett, NH	—	1.0	6.0	—		0.4	1.0	6.4	7.4	(1.0)	2019	(A)
Brookside Manor	Goshen, IN	—	0.3	1.1	0.3		21.0	0.6	22.1	22.7	(12.7)	1985	(A&C)
Brookside Village	Kentwood, MI	6.0	0.2	5.6	—		0.7	0.2	6.3	6.5	(2.4)	2011	(A)
Buena Vista	Buckeye, AZ	—	9.2	14.4	—		6.1	9.2	20.5	29.7	(3.1)	2019	(A)
Buttonwood Bay(8)	Sebring, FL	27.8	1.9	18.3	0.1		10.0	2.0	28.3	30.3	(18.1)	2001	(A)
Byron Center	Byron Center, MI	—	0.3	2.4	—		2.3	0.3	4.7	5.0	(2.9)	1996	(A)
Caliente Sands	Cathedral City, CA	—	1.9	6.7	—		0.7	1.9	7.4	9.3	(1.6)	2017	(A)
Camelot Villa	Macomb, MI	43.2	0.9	21.2	—		16.0	0.9	37.2	38.1	(13.0)	2013	(A)
Candlelight Manor	South Daytona, FL	—	3.1	3.9	—		2.8	3.1	6.7	9.8	(1.8)	2016	(A)
Cape May Crossing	Cape May, NJ	—	0.3	1.7	—		0.5	0.3	2.2	2.5	(0.6)	2016	(A)
Carriage Cove	Sanford, FL	15.3	6.1	21.2	—		2.5	6.1	23.7	29.8	(7.4)	2014	(A)
Carrington Pointe	Fort Wayne, IN	23.6	1.1	3.6	—		25.0	1.1	28.6	29.7	(12.7)	1997	(A&C)
Cave Creek	Evans, CO	22.5	2.2	15.3	—		9.6	2.2	24.9	27.1	(13.2)	2004	(C)
Cedar Springs	Southington, CT	—	2.9	10.3	—		0.7	2.9	11.0	13.9	(1.7)	2019	(A)
Central Park(8)	Haines City, FL	—	2.6	10.4	—		6.3	2.6	16.7	19.3	(4.0)	2016	(A)
Charlevoix Estates	Charlevoix, MI	—	0.4	12.0	—		1.1	0.4	13.1	13.5	(1.1)	2021	(A)
Cherrywood	Clinton, NY	—	0.7	9.6	(0.2)	(3)	3.3	0.5	12.9	13.4	(1.7)	2019	(A)
Chisholm Point	Pflugerville, TX	21.5	0.6	5.3	—		6.8	0.6	12.1	12.7	(8.2)	1995	(A&C)
Cider Mill Crossings	Fenton, MI	—	0.5	1.6	—		43.1	0.5	44.7	45.2	(16.6)	2011	(A&C)
Cider Mill Village	Middleville, MI	—	0.3	3.6	—		1.8	0.3	5.4	5.7	(2.0)	2011	(A)
Cisco Grove Campground & RV	Emigrant Gap, CA	—	1.7	4.8	(0.1)	(3)	9.2	1.6	14.0	15.6	(0.5)	2021	(A)
Citrus Hill(8)	Dade City, FL	—	1.2	2.4	—		2.7	1.2	5.1	6.3	(1.1)	2016	(A)
Clear Water	South Bend, IN	13.9	0.1	1.3	—		6.2	0.1	7.5	7.6	(4.5)	1986	(A)
Club Wildwood	Hudson, FL	20.6	14.2	21.3	—		3.0	14.2	24.3	38.5	(5.9)	2016	(A)
Coastal Estates	Hampstead, NC	—	3.3	6.5	(0.1)	(3)	11.5	3.2	18.0	21.2	(1.4)	2019	(A)
Cobus Green	Osceola, IN	—	0.8	7.0	—		8.9	0.8	15.9	16.7	(10.9)	1993	(A)
Colony in the Wood	Port Orange, FL	—	5.7	26.8	—		2.8	5.7	29.6	35.3	(5.3)	2017	(A&C)
Comal Farms	New Braunfels, TX	—	1.4	1.7	0.1		8.7	1.5	10.4	11.9	(6.0)	2000	(A&C)
Country Acres	Cadillac, MI	—	0.4	3.5	—		4.2	0.4	7.7	8.1	(4.5)	1996	(A)
Country Hills Village	Hudsonville, MI	—	0.3	3.9	—		—	0.3	3.9	4.2	(1.4)	2011	(A)
Country Lakes	Little River, SC	—	1.7	5.5	—		0.4	1.7	5.9	7.6	(1.0)	2019	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Country Meadows	Flat Rock, MI	50.0	0.9	7.6	0.3		23.0	1.2	30.6	31.8	(20.1)	1994	(A&C)
Country Meadows Village	Caledonia, MI	—	0.5	5.6	0.1		4.8	0.6	10.4	11.0	(3.6)	2011	(A&C)
Country Village Estates	Oregon City, OR	—	22.0	42.6	—		1.2	22.0	43.8	65.8	(6.9)	2019	(A)
Countryside Estates	Mckean, PA	6.1	0.3	11.6	—		4.2	0.3	15.8	16.1	(4.8)	2014	(A)
Countryside Village of Atlanta	Lawrenceville, GA	—	1.3	11.0	—		9.5	1.3	20.5	21.8	(9.8)	2004	(A&C)
Countryside Village of Gwinnett	Buford, GA	26.4	1.1	9.5	—		3.0	1.1	12.5	13.6	(6.6)	2004	(A)
Countryside Village of Lake Lanier	Buford, GA	24.7	1.9	16.4	—		5.8	1.9	22.2	24.1	(12.9)	2004	(A)
Coyote Ranch Resort	Wichita Falls, TX	—	—	12.6	0.5		6.4	0.5	19.0	19.5	(1.3)	2021	(A)
Creeks Crossing	Kyle, TX	—	3.5	—	—		42.9	3.5	42.9	46.4	(2.3)	2019	(C)
Creek Wood	Burton, MI	20.2	0.8	2.0	0.4		14.6	1.2	16.6	17.8	(11.6)	1997	(C)
Crestwood	Concord, NH	—	1.8	22.4	(0.1)	(3)	0.9	1.7	23.3	25.0	(3.6)	2019	(A)
Crossroads	Aiken, SC	—	0.8	3.7	—		10.3	0.8	14.0	14.8	(3.9)	2019	(A&C)
Cutler Estates	Grand Rapids, MI	12.9	0.7	6.9	—		4.8	0.7	11.7	12.4	(7.7)	1996	(A)
Cypress Greens	Lake Alfred, FL	6.9	1.0	17.5	—		2.8	1.0	20.3	21.3	(5.7)	2015	(A)
Deep Run	Cream Ridge, NJ	—	2.0	13.1	—		0.6	2.0	13.7	15.7	(2.1)	2019	(A)
Deerwood	Orlando, FL	35.3	6.9	37.6	—		4.7	6.9	42.3	49.2	(12.2)	2015	(A)
Desert Harbor	Apache Junction, AZ	10.3	3.9	14.9	—		0.7	3.9	15.6	19.5	(5.0)	2014	(A)
Dutton Mill Village	Caledonia, MI	—	0.3	9.0	—		2.2	0.3	11.2	11.5	(4.3)	2011	(A)
Eagle Crest	Firestone, CO	29.7	2.0	0.2	—		31.2	2.0	31.4	33.4	(20.7)	1998	(C)
East Fork Crossing	Batavia, OH	—	1.3	6.3	—		16.7	1.3	23.0	24.3	(15.0)	2000	(A&C)
East Village Estates	Washington Twp., MI	—	1.4	25.4	—		8.4	1.4	33.8	35.2	(12.4)	2012	(A)
Egelcraft	Muskegon, MI	17.7	0.7	22.6	—		4.1	0.7	26.7	27.4	(8.7)	2014	(A)
El Capitan Canyon(5)	Goleta, CA	—	57.8	6.8	—		14.8	57.8	21.6	79.4	(2.0)	2020	(A)
Ellenton Gardens(8)	Ellenton, FL	9.0	2.1	7.8	—		3.5	2.1	11.3	13.4	(3.1)	2016	(A)
Fairfield Village	Ocala, FL	—	1.2	18.7	—		1.2	1.2	19.9	21.1	(5.7)	2015	(A)
Farmwood Village	Dover, NH	—	1.2	12.3	—		0.7	1.2	13.0	14.2	(2.0)	2019	(A)
Fisherman's Cove	Flint Twp., MI	—	0.4	3.4	—		5.2	0.4	8.6	9.0	(6.0)	1993	(A)
Flamingo Lake(8)	Jacksonville, FL	—	4.5	31.9	—		1.9	4.5	33.8	38.3	(4.4)	2020	(A)
Fond du Lac East / Kettle Moraine KOA	Glenbeulah, WI	—	1.0	5.6	—		3.3	1.0	8.9	9.9	(3.5)	2013	(A)
Forest Hill	Southington, CT	—	5.1	10.8	—		1.8	5.1	12.6	17.7	(1.9)	2019	(A)
Forest Meadows	Philomath, OR	—	1.0	2.1	—		11.4	1.0	13.5	14.5	(2.4)	1999	(A)
Forest Springs	Grass Valley, CA	—	9.3	43.7	—		3.9	9.3	47.6	56.9	(5.8)	2020	(A)
Forest View	Homosassa, FL	—	1.3	22.1	—		0.9	1.3	23.0	24.3	(6.7)	2015	(A)
Fort Dupont(2)(5)	Delaware City, DE	—	1.9	—	0.9		—	2.8	—	2.8	—	2021	(C)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Four Seasons	Elkhart, IN	13.9	0.5	4.8	—	3.5	0.5	8.3	8.8	(5.0)	2000	(A)
Fox Run	Boyne City, MI	—	0.4	6.8	—	5.1	0.4	11.9	12.3	(0.2)	2023	(A)
Frenchtown Villa / Elizabeth Woods	Newport, MI	26.8	1.4	52.3	—	37.9	1.4	90.2	91.6	(30.5)	2014	(A&C)
Friendly Village of La Habra	La Habra, CA	45.0	27.0	25.2	—	1.8	27.0	27.0	54.0	(7.2)	2016	(A)
Friendly Village of Modesto	Modesto, CA	22.3	6.3	20.9	—	1.3	6.3	22.2	28.5	(5.6)	2016	(A)
Friendly Village of Simi	Simi Valley, CA	22.6	14.9	16.0	—	1.2	14.9	17.2	32.1	(4.4)	2016	(A)
Friendly Village of West Covina	West Covina, CA	16.7	14.5	5.2	—	1.2	14.5	6.4	20.9	(1.7)	2016	(A)
Glen Ellis Family Campground	Glen, NH	13.0	0.4	5.8	—	17.5	0.4	23.3	23.7	(5.5)	2019	(A)
Glen Haven(8)	Zephyrhills, FL	9.1	2.0	8.4	—	2.5	2.0	10.9	12.9	(2.7)	2016	(A)
Glen Laurel	Concord, NC	—	1.6	0.5	—	9.8	1.6	10.3	11.9	(6.6)	2001	(A&C)
Goldcoaster	Homestead, FL	—	0.4	4.2	0.2	5.9	0.6	10.1	10.7	(6.4)	1997	(A)
Grand Bay	Dunedin, FL	—	3.5	6.3	—	1.8	3.5	8.1	11.6	(2.0)	2016	(A)
Grand Village	Grand Rapids, MI	8.7	0.4	3.6	—	4.1	0.4	7.7	8.1	(4.4)	1996	(A)
Grove Beach	Westbrook, CT	—	1.2	10.2	—	0.4	1.2	10.6	11.8	(1.6)	2019	(A)
Grove Ridge(8)	Dade City, FL	6.6	1.3	5.4	—	3.3	1.3	8.7	10.0	(2.1)	2016	(A)
Gulfstream Harbor	Orlando, FL	82.6	14.5	78.9	—	5.9	14.5	84.8	99.3	(24.3)	2015	(A)
Hacienda Del Rio	Edgewater, FL	—	33.3	80.3	—	16.5	33.3	96.8	130.1	(13.8)	2019	(A)
Hamlin	Webberville, MI	9.7	0.1	1.7	0.6	13.8	0.7	15.5	16.2	(9.4)	1984	(A&C)
Hancock Heights(8)	Hancock, ME	—	0.7	9.4	—	0.1	0.7	9.5	10.2	(1.2)	2020	(A)
Hannah Village	Lebanon, NH	—	0.3	4.7	0.1	0.3	0.4	5.0	5.4	(0.8)	2019	(A)
Hemlocks	Tilton, NH	—	1.0	7.2	—	0.5	1.0	7.7	8.7	(1.2)	2019	(A)
Heritage	Temecula, CA	17.8	13.2	7.9	—	1.3	13.2	9.2	22.4	(2.4)	2016	(A)
Hickory Hills Village	Battle Creek, MI	—	0.8	7.7	—	2.9	0.8	10.6	11.4	(4.0)	2011	(A)
Hidden River(8)	Riverview, FL	—	4.0	6.4	—	10.5	4.0	16.9	20.9	(3.2)	2016	(A)
High Point Park	Frederica, DE	—	0.9	7.0	—	8.1	0.9	15.1	16.0	(7.4)	1997	(A)
Highland Greens Estates	Highland, MI	—	3.1	38.0	—	30.5	3.1	68.5	71.6	(8.8)	2020	(A)
Hillcrest	Uncasville, CT	—	10.6	9.6	0.1	1.6	10.7	11.2	21.9	(1.8)	2019	(A)
Holiday Park Estates	Bangor, ME	8.7	1.1	13.9	—	2.7	1.1	16.6	17.7	(1.9)	2020	(A)
Holiday West Village	Holland, MI	12.8	0.3	8.1	—	0.8	0.3	8.9	9.2	(3.5)	2011	(A)
Holly Forest	Holly Hill, FL	22.8	0.9	8.4	—	2.0	0.9	10.4	11.3	(7.9)	1997	(A)
Holly Village / Hawaiian Gardens	Holly, MI	18.0	1.5	13.6	—	10.9	1.5	24.5	26.0	(12.1)	2004	(A)
Horseshoe Cove RV Resort	Bradenton, FL	39.8	9.5	32.6	—	7.3	9.5	39.9	49.4	(9.8)	2016	(A)
Hospitality Creek Campground	Williamstown, NJ	—	—	15.6	0.8	4.6	0.8	20.2	21.0	(1.7)	2021	(A)
Hunters Crossing	Capac, MI	—	0.4	1.1	—	1.3	0.4	2.4	2.8	(0.8)	2012	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Hunters Glen	Wayland, MI	—	1.1	11.9	0.3	16.6		1.4	28.5	29.9	(13.6)	2004	(C)
Huntington Run	Kalamazoo, MI	—	0.6	11.7	—	1.7		0.6	13.4	14.0	(1.1)	2021	(A)
Hyde Park	Easton, MD	—	6.6	18.3	—	2.0		6.6	20.3	26.9	(2.9)	2019	(A)
Indian Creek RV Resort(8)(9)	Ft. Myers Beach, FL	—	3.8	34.7	—	(13.6)	(9)	3.8	21.1	24.9	(8.6)	1996	(A)
Indian Wells(8)	Indio, CA	—	2.9	19.5	—	7.1		2.9	26.6	29.5	(6.6)	2016	(A)
Island Lakes	Merritt Island, FL	20.7	0.7	6.4	—	1.6		0.7	8.0	8.7	(6.4)	1995	(A)
Jellystone Park™ Androscoggin Lake	North Monmouth, ME	3.4	0.5	4.1	0.1	5.7		0.6	9.8	10.4	(0.9)	2021	(A)
Jellystone Park™ at Barton Lake	Fremont, IN	—	—	—	4.7	30.1		4.7	30.1	34.8	(4.0)	2020	(A)
Jellystone Park™ at Birchwood Acres(8)	Greenfield Park, NY	—	0.5	5.5	0.1	11.2		0.6	16.7	17.3	(6.4)	2013	(A)
Jellystone Park™ of Chicago	Millbrook, IL	—	0.5	4.3	—	1.8		0.5	6.1	6.6	(0.5)	2021	(A)
Jellystone Park™ Chincoteague Island	Chincoteague, VA	—	5.7	13.8	—	18.6		5.7	32.4	38.1	(4.1)	2019	(A)
Jellystone Park™ at Delaware Beaches(2)(8)	Delaware City, DE	—	—	17.0	3.1	(1.2)		3.1	15.8	18.9	(0.8)	2022	(A)
Jellystone Park™ at Gardiner	Gardiner, NY	—	0.9	28.4	—	17.6		0.9	46.0	46.9	(10.2)	2018	(A)
Jellystone Park™ at Golden Valley	Bostic, NC	—	4.8	4.3	—	64.5		4.8	68.8	73.6	(12.1)	2018	(A&C)
Jellystone Park™ at Guadalupe River	Kerrville, TX	—	2.5	23.9	—	12.9		2.5	36.8	39.3	(8.3)	2018	(A)
Jellystone Park™ at Hill Country	Canyon Lake, TX	—	2.0	20.7	—	6.8		2.0	27.5	29.5	(5.7)	2018	(A)
Jellystone Park™ at Larkspur	Larkspur, CO	—	1.9	5.5	0.4	106.5		2.3	112.0	114.3	(19.1)	2016	(A&C)
Jellystone Park™ at Luray	East Luray, VA	—	3.2	29.6	—	9.4		3.2	39.0	42.2	(8.3)	2018	(A)
Jellystone Park™ at Mammoth Cave	Cave City, KY	—	—	32.5	2.3	1.1		2.3	33.6	35.9	(3.5)	2021	(A)
Jellystone Park™ at Maryland	Williamsport, MD	—	2.1	23.7	—	10.6		2.1	34.3	36.4	(7.3)	2018	(A)
Jellystone Park™ at Memphis	Horn Lake, MS	2.3	0.9	6.8	—	1.8		0.9	8.6	9.5	(1.8)	2018	(A)
Jellystone Park™ at Natural Bridge	Natural Bridge Station, VA	—	0.9	11.7	—	6.0		0.9	17.7	18.6	(2.3)	2020	(A)
Jellystone Park™ Petoskey	Petoskey, MI	—	0.2	8.7	0.7	10.8		0.9	19.5	20.4	(3.3)	2018	(A)
Jellystone Park™ at Quarryville	Quarryville, PA	—	3.9	33.8	—	10.0		3.9	43.8	47.7	(9.4)	2018	(A)
Jellystone Park™ at Tower Park(2)	Lodi, CA	—	2.6	29.8	—	36.1		2.6	65.9	68.5	(11.9)	2018	(A)
Jellystone Park™ of Western New York	North Java, NY	—	0.9	8.9	—	10.8		0.9	19.7	20.6	(6.9)	2013	(A)
Jetstream NASA(8)	Houston, TX	—	3.0	14.5	—	0.5		3.0	15.0	18.0	(1.4)	2021	(A)
Kensington Meadows	Lansing, MI	18.6	0.3	2.7	—	11.4		0.3	14.1	14.4	(8.9)	1995	(A&C)
Kimberly Estates	Newport, MI	—	1.3	6.2	—	15.0		1.3	21.2	22.5	(7.1)	2016	(A)
King's Court	Traverse City, MI	71.0	1.5	13.8	0.2	21.1		1.7	34.9	36.6	(19.2)	1996	(A&C)
King's Lake	DeBary, FL	16.1	0.3	2.5	—	3.4		0.3	5.9	6.2	(4.4)	1994	(A)
Kings Manor	Lakeland, FL	—	2.3	5.6	—	5.8		2.3	11.4	13.7	(3.7)	2016	(A)
Kings Pointe	Lake Alfred, FL	—	0.5	16.7	—	0.9		0.5	17.6	18.1	(5.0)	2015	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Kissimmee Gardens	Kissimmee, FL	—	3.3	14.4	—	2.0	3.3	16.4	19.7	(4.3)	2016	(A)
Kissimmee South(8)	Davenport, FL	—	3.7	6.8	—	6.6	3.7	13.4	17.1	(3.3)	2016	(A)
Kittatinny Campground & RV Resort	Barryville, NY	—	—	—	3.1	20.3	3.1	20.3	23.4	(2.0)	2020	(A)
Knollwood Estates	Allendale, MI	10.5	0.4	4.1	—	3.3	0.4	7.4	7.8	(4.2)	2001	(A)
La Casa Blanca	Apache Junction, AZ	—	4.4	14.1	—	0.8	4.4	14.9	19.3	(4.8)	2014	(A)
La Costa Village	Port Orange, FL	47.2	3.6	62.3	—	3.6	3.6	65.9	69.5	(18.9)	2015	(A)
Lafayette Place	Warren, MI	12.5	0.7	6.0	—	7.6	0.7	13.6	14.3	(8.6)	1998	(A)
Lake Juliana Landings	Auburndale, FL	—	0.3	3.0	—	2.4	0.3	5.4	5.7	(4.0)	1994	(A)
Lake Pointe Village	Mulberry, FL	16.8	0.5	29.8	—	1.0	0.5	30.8	31.3	(8.7)	2015	(A)
Lake San Marino RV Park	Naples, FL	30.2	0.7	5.7	—	6.1	0.7	11.8	12.5	(7.1)	1996	(A)
Lakefront	Lakeside, CA	33.8	21.6	17.4	—	1.5	21.6	18.9	40.5	(4.9)	2016	(A)
Lakeland(8)	Lakeland, FL	—	1.7	5.5	—	4.0	1.7	9.5	11.2	(2.2)	2016	(A)
Lakeshore Landings	Orlando, FL	11.8	2.6	19.5	—	2.3	2.6	21.8	24.4	(6.9)	2014	(A)
Lakeshore Villas	Tampa, FL	—	3.1	19.0	—	1.8	3.1	20.8	23.9	(5.9)	2015	(A)
Lakeside	Terryville, CT	—	1.3	3.4	—	0.3	1.3	3.7	5.0	(0.6)	2019	(A)
Lakeside Crossing	Conway, SC	11.3	3.5	31.6	—	22.0	3.5	53.6	57.1	(12.4)	2015	(A&C)
Lakeview	Ypsilanti, MI	—	1.2	10.9	—	10.1	1.2	21.0	22.2	(11.2)	2004	(A)
Lakeview CT	Danbury, CT	—	2.5	8.9	—	1.7	2.5	10.6	13.1	(1.6)	2019	(A)
Lakeview Estates(8)	Yucaipa, CA	—	—	—	4.1	22.1	4.1	22.1	26.2	(2.7)	2020	(A)
Lamplighter	Port Orange, FL	—	1.3	12.8	—	1.5	1.3	14.3	15.6	(4.0)	2015	(A)
Lantana Ranch(5)(8)	Brookshire, TX	—	33.1	1.3	0.6	1.2	33.7	2.5	36.2	—	2022	(A)
Laurel Heights	Uncasville, CT	—	1.7	0.7	—	0.3	1.7	1.0	2.7	(0.1)	2019	(A)
Lazy J Ranch	Arcata, CA	—	7.1	6.8	—	0.9	7.1	7.7	14.8	(1.7)	2017	(A)
Leaf Verde(8)	Buckeye, AZ	—	3.4	8.4	—	1.3	3.4	9.7	13.1	(2.0)	2018	(A)
Leisure Village	Belmont, MI	—	0.4	8.2	0.1	3.1	0.5	11.3	11.8	(4.1)	2011	(A)
Lemon Wood	Ventura, CA	23.4	19.5	6.9	—	1.5	19.5	8.4	27.9	(2.2)	2016	(A)
Liberty Farm	Valparaiso, IN	—	0.1	1.2	0.1	5.9	0.2	7.1	7.3	(3.8)	1985	(A&C)
Lincoln Estates	Holland, MI	—	0.5	4.2	—	1.8	0.5	6.0	6.5	(4.3)	1996	(A)
Lone Star Jellystone Park	Waller, TX	—	1.8	19.4	—	19.9	1.8	39.3	41.1	(4.6)	2020	(A)
Lost Dutchman	Apache Junction, AZ	3.5	—	—	4.1	16.6	4.1	16.6	20.7	(4.8)	2014	(A)
Majestic Oaks(8)	Zephyrhills, FL	9.2	3.9	4.7	0.1	2.5	4.0	7.2	11.2	(2.0)	2016	(A)
Maple Brook	Matteson, IL	38.7	8.5	48.8	—	0.8	8.5	49.6	58.1	(16.0)	2014	(A)
Maplewood Manor	Brunswick, ME	7.2	1.8	13.0	—	2.0	1.8	15.0	16.8	(4.6)	2014	(A)
Marco Naples(8)	Naples, FL	—	2.8	10.5	—	6.1	2.8	16.6	19.4	(3.9)	2016	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Marina Cove	Uncasville, CT	—	0.3	0.4	—	0.4	0.3	0.8	1.1	(0.1)	2019	(A)
Meadow Lake(8)	White Lake, MI	29.7	1.2	11.5	0.1	8.0	1.3	19.5	20.8	(15.1)	1994	(A)
Meadowbrook	Charlotte, NC	—	1.3	6.6	—	9.7	1.3	16.3	17.6	(10.5)	2000	(A&C)
Meadowbrook Estates	Monroe, MI	—	0.4	3.3	0.4	20.4	0.8	23.7	24.5	(14.6)	1986	(A)
Meadowbrook Village	Tampa, FL	10.6	0.5	4.7	—	1.6	0.5	6.3	6.8	(5.3)	1994	(A)
Meadowlands(8)	Gibraltar, MI	20.1	0.6	7.7	—	3.0	0.6	10.7	11.3	(3.1)	2015	(A)
Meadowstone	Hastings, MI	—	0.7	20.3	—	0.7	0.7	21.0	21.7	(1.8)	2021	(A)
Menifee Development(5)	Menifee, CA	—	2.3	—	—	18.6	2.3	18.6	20.9	—	2020	(C)
Merrymeeting	Brunswick, ME	—	0.3	1.0	—	0.9	0.3	1.9	2.2	(0.6)	2014	(A)
Mill Creek(8)	Kissimmee, FL	—	1.4	4.8	—	5.9	1.4	10.7	12.1	(2.4)	2016	(A)
Millwood	Uncasville, CT	—	2.4	—	—	3.3	2.4	3.3	5.7	(0.2)	2019	(A&C)
Moreno 66 Development(5)	Moreno Valley, CA	—	5.0	—	—	12.2	5.0	12.2	17.2	—	2021	(C)
Mountain View	Mesa, AZ	—	5.5	12.3	—	0.9	5.5	13.2	18.7	(4.3)	2014	(A)
Napa Valley	Napa, CA	27.0	17.7	11.7	—	1.2	17.7	12.9	30.6	(3.4)	2016	(A)
New England Village	Westbrook, CT	—	4.2	1.4	—	0.2	4.2	1.6	5.8	(0.3)	2019	(A)
North Lake(8)	Moore Haven, FL	—	4.2	3.5	—	1.9	4.2	5.4	9.6	(2.2)	2011	(A)
North Point Estates	Pueblo, CO	—	1.6	3.0	—	4.8	1.6	7.8	9.4	(4.3)	2001	(C)
Northville Crossing	Northville, MI	59.6	1.2	29.5	—	6.2	1.2	35.7	36.9	(13.9)	2012	(A)
Norway Commons	Norway, ME	—	—	15.9	0.7	0.8	0.7	16.7	17.4	(0.8)	2022	(A)
Oak Creek	Coarsegold, CA	—	4.8	11.2	—	2.7	4.8	13.9	18.7	(4.5)	2014	(A)
Oak Crest	Austin, TX	19.9	4.3	12.6	4.4	26.7	8.7	39.3	48.0	(14.6)	2002	(C)
Oak Grove	Plainville, CT	—	1.0	1.7	—	0.1	1.0	1.8	2.8	(0.3)	2019	(A)
Oak Island Village	East Lansing, MI	17.5	0.3	6.8	—	4.4	0.3	11.2	11.5	(4.5)	2011	(A)
Oak Ridge	Manteno, IL	27.8	1.1	36.9	—	5.5	1.1	42.4	43.5	(14.0)	2014	(A)
Oakview Estates	Arcadia, FL	—	0.9	3.9	—	1.9	0.9	5.8	6.7	(1.4)	2016	(A)
Oakwood Village	Miamisburg, OH	38.3	2.0	6.4	—	15.0	2.0	21.4	23.4	(13.3)	1998	(A&C)
Ocean Breeze Resort(8)	Jensen Beach, FL	—	19.0	13.9	—	40.5	19.0	54.4	73.4	(11.0)	2016	(A&C)
Ocean Breeze(6)(8)	Marathon, FL	—	2.3	1.8	—	6.6	2.3	8.4	10.7	(1.1)	2016	(A)
Ocean Pines	Garden City, SC	—	7.6	35.3	—	1.9	7.6	37.2	44.8	(7.1)	2019	(A)
Ocean View	Jensen Beach, FL	—	4.6	—	0.2	14.9	4.8	14.9	19.7	(0.7)	2020	(A)
Ocean West	McKinleyville, CA	4.3	5.0	4.4	0.4	1.2	5.4	5.6	11.0	(1.1)	2017	(A)
Orange City(8)	Orange City, FL	31.7	0.9	5.5	—	7.1	0.9	12.6	13.5	(3.8)	2011	(A)
Orange Tree Village	Orange City, FL	9.0	0.3	2.5	—	1.7	0.3	4.2	4.5	(3.3)	1994	(A)
Orchard Lake	Milford, OH	—	0.4	4.0	—	3.9	0.4	7.9	8.3	(4.3)	1999	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Paddock Park South	Ocala, FL	—	0.6	6.6	—		3.2	0.6	9.8	10.4	(2.3)	2016	(A)
Palm Creek Resort & Residences(8)	Casa Grande, AZ	88.7	11.8	76.1	—		29.6	11.8	105.7	117.5	(43.6)	2012	(A&C)
Palm Key Village	Davenport, FL	14.7	3.8	15.7	—		0.7	3.8	16.4	20.2	(4.8)	2015	(A)
Palm Village	Bradenton, FL	—	3.0	2.8	—		2.0	3.0	4.8	7.8	(1.2)	2016	(A)
Palos Verdes Shores MH & Golf Community(2)	San Pedro, CA	33.7	—	21.8	—		8.0	—	29.8	29.8	(6.5)	2016	(A)
Park Place	Sebastian, FL	—	1.4	48.7	0.1		4.8	1.5	53.5	55.0	(14.9)	2015	(A)
Park Royale	Pinellas Park, FL	13.9	0.7	29.0	—		1.0	0.7	30.0	30.7	(8.6)	2015	(A)
Parkside Village	Cheektowaga, NY	—	0.6	10.4	—		0.4	0.6	10.8	11.4	(3.5)	2014	(A)
Pearwood(8)	Pearland, TX	—	—	10.3	1.2		(0.5)	1.2	9.8	11.0	(0.9)	2021	(A)
Pebble Creek	Greenwood, IN	—	1.0	5.1	—		11.2	1.0	16.3	17.3	(9.1)	2000	(A&C)
Pecan Branch	Georgetown, TX	—	1.4	—	0.2		20.0	1.6	20.0	21.6	(7.0)	1999	(C)
Pecan Park(8)	Jacksonville, FL	—	2.0	5.0	1.4		12.9	3.4	17.9	21.3	(3.6)	2016	(A&C)
Pelican Bay	Micco, FL	5.8	0.5	10.5	—		2.3	0.5	12.8	13.3	(3.6)	2015	(A)
Pembroke Downs	Chino, CA	12.9	9.6	7.3	—		1.0	9.6	8.3	17.9	(2.0)	2016	(A)
Pheasant Ridge	Lancaster, PA	45.4	2.0	19.3	—		1.5	2.0	20.8	22.8	(14.0)	2002	(A)
Pine Acre Trails	Conroe, TX	—	15.6	16.7	—		17.8	15.6	34.5	50.1	(1.3)	2022	(A)
Pine Hills	Middlebury, IN	—	0.1	0.5	—		4.2	0.1	4.7	4.8	(2.8)	1980	(A)
Pine Ridge	Prince George, VA	10.7	0.4	2.4	—		25.1	0.4	27.5	27.9	(11.1)	1986	(A&C)
Pine Trace	Houston, TX	33.6	2.9	17.2	(0.2)	(3)	14.7	2.7	31.9	34.6	(17.9)	2004	(A&C)
Pinebrook Village	Kentwood, MI	—	0.1	5.7	—		2.7	0.1	8.4	8.5	(3.1)	2011	(A)
Pineview Estates	Flint, MI	—	1.9	57.4	—		40.5	1.9	97.9	99.8	(9.6)	2021	(A)
Pismo Dunes Resort(8)	Pismo Beach, CA	18.3	11.1	10.2	—		1.5	11.1	11.7	22.8	(2.7)	2017	(A)
Pleasant Beach Campground	Sherkston, ON	—	1.6	0.6	(0.4)	(1)	0.3	1.2	0.9	2.1	—	2021	(A)
Pleasant Lake RV Resort	Bradenton, FL	11.5	5.2	20.4	—		4.4	5.2	24.8	30.0	(6.4)	2016	(A)
Presidential Estates	Hudsonville, MI	28.9	0.7	6.3	—		6.5	0.7	12.8	13.5	(7.7)	1996	(A)
Rainbow(8)	Frostproof, FL	—	1.9	5.7	—		4.8	1.9	10.5	12.4	(3.9)	2012	(A)
Rainbow Village Largo(8)	Largo, FL	8.3	4.4	12.5	—		3.7	4.4	16.2	20.6	(4.3)	2016	(A)
Rainbow Village Zephyrhills(8)	Zephyrhills, FL	8.5	1.8	9.9	—		2.8	1.8	12.7	14.5	(3.3)	2016	(A)
Rancho Alipaz(2)	San Juan Capistrano, CA	11.9	—	2.9	16.2		0.9	16.2	3.8	20.0	(1.0)	2016	(A)
Rancho Caballero	Riverside, CA	21.4	16.6	12.4	—		1.8	16.6	14.2	30.8	(3.5)	2016	(A)
Rancho Mirage	Apache Junction, AZ	—	7.5	22.2	—		1.1	7.5	23.3	30.8	(7.5)	2014	(A)
Red Oaks(2)(8)	Bushnell, FL	—	5.2	20.5	—		8.2	5.2	28.7	33.9	(7.3)	2016	(A)
Regency Heights	Clearwater, FL	25.5	11.3	15.7	—		4.1	11.3	19.8	31.1	(4.7)	2016	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Reserve at Fox Creek	Bullhead City, AZ	14.6	2.0	20.1	—		1.1		2.0	21.2	23.2	(6.7)	2014	(A)
Richmond Place	Richmond, MI	7.2	0.5	2.0	—		4.0		0.5	6.0	6.5	(3.5)	1998	(A)
River Beach Campsites & RV	Milford, PA	—	—	—	0.3		4.5		0.3	4.5	4.8	(0.7)	2020	(A)
River Haven(8)	Grand Haven, MI	—	1.8	16.9	—		17.8		1.8	34.7	36.5	(19.8)	2001	(A)
River Pines	Nashua, NH	—	2.7	37.8	—		1.0		2.7	38.8	41.5	(6.0)	2019	(A)
River Ranch	Austin, TX	—	4.7	0.8	0.2		38.3		4.9	39.1	44.0	(15.0)	2000	(A&C)
River Ridge	Saline, MI	—	1.0	26.9	—		0.9		1.0	27.8	28.8	(2.4)	2021	(A)
River Ridge Estates	Austin, TX	38.2	3.2	15.1	—		6.7		3.2	21.8	25.0	(13.3)	2002	(C)
Riverside Club	Ruskin, FL	36.7	1.6	66.2	—		18.7		1.6	84.9	86.5	(21.7)	2015	(A)
Riverside Drive Park	Augusta, ME	—	1.2	12.1	—		3.4		1.2	15.5	16.7	(1.7)	2020	(A)
Rolling Hills	Storrs, CT	—	4.0	3.7	—		5.1		4.0	8.8	12.8	(0.9)	2019	(A)
Roxbury Park	Goshen, IN	—	1.1	9.9	—		9.0		1.1	18.9	20.0	(9.7)	2001	(A)
Royal Country	Miami, FL	62.8	2.3	20.8	—		3.9		2.3	24.7	27.0	(22.1)	1994	(A)
Royal Palm Village	Haines City, FL	10.3	1.7	27.4	—		6.5		1.7	33.9	35.6	(9.1)	2015	(A)
Royal Palms(2)(8)	Cathedral City, CA	—	—	21.6	—		2.7		—	24.3	24.3	(6.0)	2016	(A)
Rudgate Clinton	Clinton Township, MI	—	1.1	23.7	—		12.7		1.1	36.4	37.5	(13.8)	2012	(A)
Rudgate Manor	Sterling Heights, MI	—	1.4	31.1	—		19.3		1.4	50.4	51.8	(18.6)	2012	(A)
Saddle Oak Club	Ocala, FL	18.3	0.7	6.7	—		1.2		0.7	7.9	8.6	(6.6)	1995	(A)
Saddlebrook	San Marcos, TX	—	1.7	11.8	—		25.0		1.7	36.8	38.5	(17.1)	2002	(C)
Sandy Lake(8)	Carrollton, TX	—	0.7	17.8	—		2.1		0.7	19.9	20.6	(5.1)	2016	(A)
Saralake Estates	Sarasota, FL	—	6.5	11.4	—		1.6		6.5	13.0	19.5	(3.3)	2016	(A)
Savanna Club	Port St. Lucie, FL	61.9	12.8	79.9	1.6		1.5		14.4	81.4	95.8	(23.4)	2015	(A&C)
Scio Farms	Ann Arbor, MI	51.5	2.3	22.7	—		16.8		2.3	39.5	41.8	(27.9)	1995	(A&C)
Sea Air Village	Rehoboth Beach, DE	—	1.2	10.2	0.4		3.7		1.6	13.9	15.5	(8.6)	1997	(A)
Serendipity	North Fort Myers, FL	—	1.2	23.5	(0.3)	(3)	4.7		0.9	28.2	29.1	(7.7)	2015	(A)
Settler's Rest(8)	Zephyrhills, FL	—	1.8	7.7	—		2.7		1.8	10.4	12.2	(2.6)	2016	(A)
Shadow Wood Village	Hudson, FL	—	4.5	3.9	0.8		16.2		5.3	20.1	25.4	(3.0)	2016	(A)
Shady Pines(8)	Galloway Township, NJ	—	1.1	3.8	—		1.7		1.1	5.5	6.6	(1.4)	2016	(A)
Shady Road Villas	Ocala, FL	—	0.5	2.8	—		5.1		0.5	7.9	8.4	(1.9)	2016	(A)
Sheffield Estates	Auburn Hills, MI	—	0.8	7.2	—		3.8		0.8	11.0	11.8	(5.7)	2006	(A)
Shelby Forest	Shelby Twp., MI	—	4.0	42.4	—		1.8		4.0	44.2	48.2	(7.1)	2019	(A)
Shelby West	Shelby Twp., MI	—	5.7	38.9	—		1.2		5.7	40.1	45.8	(6.4)	2019	(A)
Shell Creek(8)	Punta Gorda, FL	8.5	2.2	9.7	—		4.3		2.2	14.0	16.2	(3.5)	2016	(A)
Siesta Bay(8)(9)	Ft. Myers, FL	—	2.1	18.5	—		(2.9)	(9)	2.1	15.6	17.7	(4.5)	1996	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Silver Springs	Clinton Township, MI	—	0.9	16.6	—		2.9	0.9	19.5	20.4	(7.8)	2012	(A)
Sky Harbor	Cheektowaga, NY	—	2.3	24.3	—		8.8	2.3	33.1	35.4	(9.9)	2014	(A)
Skyline	Fort Collins, CO	9.0	2.3	12.1	—		1.1	2.3	13.2	15.5	(4.2)	2014	(A)
Smith Creek Crossing	Granby, CO	—	1.4	—	—		54.8	1.4	54.8	56.2	(5.8)	2018	(C)
Southern Charm(8)	Zephyrhills, FL	10.7	4.9	17.4	—		3.7	4.9	21.1	26.0	(5.7)	2016	(A)
Southern Hills / Northridge Place	Stewartville, MN	6.9	0.4	12.7	—		12.7	0.4	25.4	25.8	(8.4)	2014	(A&C)
Southern Leisure RV Resort	Chiefland, FL	—	3.1	14.8	—		4.9	3.1	19.7	22.8	(1.7)	2021	(A)
Southern Palms	Ladson, SC	—	2.4	9.4	—		0.5	2.4	9.9	12.3	(5.5)	2019	(A)
Southport Springs Golf & Country Club	Zephyrhills, FL	31.9	15.1	17.2	—		5.3	15.1	22.5	37.6	(6.4)	2015	(A&C)
Southside Landing	Cambridge, MD	—	1.0	2.5	—		1.6	1.0	4.1	5.1	(0.7)	2019	(A)
Southwood Village	Grand Rapids, MI	—	0.3	11.5	—		3.4	0.3	14.9	15.2	(5.3)	2011	(A)
Spanish Main(8)	Thonotosassa, FL	—	2.4	8.1	—		6.4	2.4	14.5	16.9	(3.4)	2016	(A)
Spanish Trails West	Casa Grande, AZ	—	6.6	15.3	—		3.4	6.6	18.7	25.3	(0.9)	2022	(A)
St. Clair Place	St. Clair, MI	—	0.5	2.0	—		2.7	0.5	4.7	5.2	(2.8)	1998	(A)
Stonebridge (MI)(5)	Richfield Twp., MI	—	2.0	—	0.3		2.2	2.3	2.2	4.5	(0.5)	1998	(C)
Stonebridge(8)	San Antonio, TX	—	2.5	2.1	(0.6)	(3)	6.8	1.9	8.9	10.8	(5.4)	2000	(A&C)
Stonebrook	Homosassa, FL	—	0.7	14.1	—		1.0	0.7	15.1	15.8	(4.3)	2015	(A)
Stoneridge Villas(5)	Gardnerville, NV	—	5.3	—	—		1.0	5.3	1.0	6.3	—	2022	(A)
Strafford / Lake Winnipesaukee South KOA	Strafford, NH	—	—	—	0.3		9.4	0.3	9.4	9.7	(1.1)	2019	(A)
Summit Ridge	Converse, TX	—	2.6	2.1	(0.9)	(3)	17.6	1.7	19.7	21.4	(10.8)	2000	(A&C)
Sun Outdoors Arches Gateway	Moab, UT	—	3.7	8.7	—		2.9	3.7	11.6	15.3	(2.4)	2018	(A)
Sun Outdoors Association Island	Henderson, NY	—	1.7	14.7	—		5.9	1.7	20.6	22.3	(1.9)	2021	(A)
Sun Outdoors Bend(2)	Bend, OR	—	4.0	13.3	—		1.0	4.0	14.3	18.3	(1.8)	2020	(A)
Sun Outdoors Canyonlands Gateway	Moab, UT	—	6.3	8.4	—		0.8	6.3	9.2	15.5	(1.9)	2018	(A)
Sun Outdoors Cape Charles	Cape Charles, VA	—	19.1	38.7	—		9.0	19.1	47.7	66.8	(4.4)	2021	(A)
Sun Outdoors Cape May	Cape May, NJ	—	—	27.5	2.2		0.5	2.2	28.0	30.2	(2.6)	2021	(A)
Sun Outdoors Central Coast Wine Country(8)	Paso Robles, CA	—	1.7	11.5	—		4.5	1.7	16.0	17.7	(5.9)	2014	(A&C)
Sun Outdoors Chesapeake Bay(2)	Temperanceville, VA	—	2.3	8.8	—		3.5	2.3	12.3	14.6	(1.1)	2021	(A)
Sun Outdoors Coos Bay	Coos Bay, OR	—	2.7	3.2	—		2.4	2.7	5.6	8.3	(1.2)	2018	(A)
Sun Outdoors Chincoteague Bay(2)(5)	Chincoteague, VA	—	7.5	—	—		3.8	7.5	3.8	11.3	(0.2)	2021	(C)
Sun Outdoors Frontier Town	Berlin, MD	—	19.0	43.2	—		40.7	19.0	83.9	102.9	(22.3)	2015	(A)
Sun Outdoors Garden City Utah	Garden City, UT	—	2.1	7.9	—		1.7	2.1	9.6	11.7	(0.9)	2021	(A)
Sun Outdoors Gig Harbor	Gig Harbor, WA	—	3.4	11.9	—		1.0	3.4	12.9	16.3	(1.6)	2020	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Sun Outdoors Islamorada(6)	Islamorada, FL	—	10.5	7.0	2.3		33.6	12.8	40.6	53.4	(0.9)	2016	(A)
Sun Outdoors Kensington Valley	New Hudson, MI	—	—	20.1	2.9		0.9	2.9	21.0	23.9	(1.8)	2021	(A)
Sun Outdoors Key Largo	Key Largo, FL	—	2.4	1.0	—		3.0	2.4	4.0	6.4	(1.0)	2016	(A)
Sun Outdoors Lake Rudolph	Santa Claus, IN	—	2.3	28.1	—		15.2	2.3	43.3	45.6	(18.0)	2014	(A&C)
Sun Outdoors Lake Travis	Austin, TX	—	3.7	22.2	—		1.9	3.7	24.1	27.8	(7.7)	2015	(A)
Sun Outdoors Marathon	Marathon, FL	—	4.8	4.7	—		5.8	4.8	10.5	15.3	(2.3)	2016	(A)
Sun Outdoors Moab Downtown	Moab, UT	—	3.7	7.4	—		0.8	3.7	8.2	11.9	(1.9)	2018	(A)
Sun Outdoors Myrtle Beach(8)	Conway, SC		5.9	—	0.7		105.9	6.6	105.9	112.5	(18.8)	2017	(A&C)
Sun Outdoors Mystic	Old Mystic, CT	—	0.1	0.3	—		2.7	0.1	3.0	3.1	(1.6)	2013	(A)
Sun Outdoors New Orleans North Shore	Ponchatoula, LA	—	7.7	16.1	—		11.7	7.7	27.8	35.5	(4.4)	2019	(A)
Sun Outdoors North Moab	Moab, UT	—	—	—	3.2		12.2	3.2	12.2	15.4	(1.7)	2019	(A)
Sun Outdoors Ocean City	Berlin, MD	—	14.3	22.3	—		9.2	14.3	31.5	45.8	(11.1)	2014	(A&C)
Sun Outdoors Ocean City Gateway	Whaleyville, MD	—	0.5	5.2	—		19.0	0.5	24.2	24.7	(5.4)	2015	(A)
Sun Outdoors Old Orchard Beach Downtown	Old Orchard Beach, ME	—	2.0	10.0	—		2.8	2.0	12.8	14.8	(2.1)	2019	(A)
Sun Outdoors Orange Beach	Orange Beach, AL	—	12.7	7.5	0.9		31.5	13.6	39.0	52.6	(2.3)	2019	(A)
Sun Outdoors Panama City Beach(2)	Panama City Beach, FL	14.1	10.3	9.1	—		3.3	10.3	12.4	22.7	(2.6)	2017	(A)
Sun Outdoors Paso Robles	Paso Robles, CA	—	1.4	—	—		44.6	1.4	44.6	46.0	(10.6)	2014	(C)
Sun Outdoors Petoskey Bay Harbor	Petoskey, MI	—	0.2	3.3	—		5.1	0.2	8.4	8.6	(2.5)	2016	(A)
Sun Outdoors Pigeon Forge(2)	Sevierville, TN	—	3.7	19.7	—		3.3	3.7	23.0	26.7	(3.7)	2019	(A)
Sun Outdoors Portland South(2)	Wilsonville, OR	—	—	19.0	9.3		(8.6)	9.3	10.4	19.7	(1.0)	2021	(A)
Sun Outdoors Rocky Mountains	Granby, CO	—	8.6	—	(3.1)	(3)	147.6	5.5	147.6	153.1	(22.0)	2018	(C)
Sun Outdoors Rehoboth Bay	Millsboro, DE	—	2.8	17.9	2.2		20.2	5.0	38.1	43.1	(5.7)	2019	(A)
Sun Outdoors Saco Old Orchard Beach	Saco, ME	—	0.8	3.6	—		6.1	0.8	9.7	10.5	(3.7)	2014	(A)
Sun Outdoors Salt Lake City	North Salt Lake, UT	—	3.4	4.6	—		2.4	3.4	7.0	10.4	(1.6)	2018	(A)
Sun Outdoors San Diego Bay(2)	San Diego, CA	—	—	—	—		70.4	—	70.4	70.4	(8.9)	2019	(A)
Sun Outdoors Santa Barbara	Goleta, CA	—	16.0	6.2	—		1.4	16.0	7.6	23.6	(1.0)	2020	(A)
Sun Outdoors Sarasota	Sarasota, FL	137.4	51.0	117.5	(0.2)	(3)	17.4	50.8	134.9	185.7	(37.4)	2016	(A)
Sun Outdoors St. Augustine	St. Augustine, FL	—	4.2	10.5	—		1.3	4.2	11.8	16.0	(2.2)	2018	(A)
Sun Outdoors Sugarloaf Key(2)	Summerland Key, FL	—	7.7	4.4	0.3		4.6	8.0	9.0	17.0	(0.6)	2021	(A)
Sun Outdoors Wells Beach(2)	Wells, ME	—	1.4	11.4	—		0.8	1.4	12.2	13.6	(1.1)	2021	(A)
Sun Outdoors Yellowstone North(2)	Gardiner, MT	—	—	12.5	5.6		(5.3)	5.6	7.2	12.8	(0.7)	2021	(A)
Sun Retreats Adirondack Gateway	Gansevoort, NY	—	0.6	2.0	—		2.4	0.6	4.4	5.0	(1.2)	2016	(A)
Sun Retreats Amherstburg	Amherstburg, ON	—	1.1	1.5	—		2.0	1.1	3.5	4.6	(0.8)	2016	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets		Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Sun Retreats Arran Lake	Allenford, ON	—	1.1	1.2	—		0.5		1.1	1.7	2.8	(0.4)	2016	(A)
Sun Retreats Avalon	Cape May Court House, NJ	—	0.6	21.3	—		5.5		0.6	26.8	27.4	(9.3)	2013	(A)
Sun Retreats Blue Mountains	Clarksburg, ON	—	0.4	0.7	—		0.9		0.4	1.6	2.0	(0.3)	2016	(A)
Sun Retreats Birch Bay	Blaine, WA	—	7.5	7.6	—		6.9		7.5	14.5	22.0	(0.9)	2021	(A)
Sun Retreats Cape Cod	East Falmouth, MA	—	3.7	10.8	—		1.2		3.7	12.0	15.7	(2.2)	2020	(A)
Sun Retreats Cape May Wildwood	Cape May, NJ	—	0.7	7.7	—		9.4		0.7	17.1	17.8	(6.7)	2013	(A)
Sun Retreats Cayuga	Cayuga, ON	—	1.0	4.2	(0.1)	(1)	3.3		0.9	7.5	8.4	(1.8)	2016	(A)
Sun Retreats Crystal River(8)	Crystal River, FL	—	0.4	5.5	0.2		7.1		0.6	12.6	13.2	(3.5)	2015	(A)
Sun Retreats Daytona Beach	Port Orange, FL	—	2.3	7.2	—		5.8		2.3	13.0	15.3	(3.1)	2016	(A)
Sun Retreats Dennis Port	Dennisport, MA	15.1	14.3	11.9	—		9.5		14.3	21.4	35.7	(4.3)	2016	(A)
Sun Retreats Dunedin	Dunedin, FL	9.2	4.4	16.9	—		3.3		4.4	20.2	24.6	(5.4)	2016	(A)
Sun Retreats Estero Bay(8)	Fort Myers, FL	—	4.9	20.6	—		2.7		4.9	23.3	28.2	(2.9)	2020	(A)
Sun Retreats Flamborough	Millgrove, ON	—	3.0	3.0	(0.2)	(1)	2.6		2.8	5.6	8.4	(1.2)	2016	(A)
Sun Retreats Fort Myers Beach(8)(9)	Ft. Myers, FL	—	0.2	2.4	—		5.6	(9)	0.2	8.0	8.2	(0.6)	1997	(A)
Sun Retreats Georgian Bay	Seguin, ON	—	3.7	3.7	(0.2)	(1)	0.9		3.5	4.6	8.1	(1.2)	2016	(A)
Sun Retreats Geneva on the Lake	Geneva on the Lake, OH	—	0.4	20.8	—		11.6		0.4	32.4	32.8	(10.6)	2013	(A&C)
Sun Retreats Gwynn's Island	Gwynn, VA	—	0.8	0.6	—		1.9		0.8	2.5	3.3	(0.9)	2013	(A)
Sun Retreats Gun Lake	Hopkins, MI	—	0.4	0.9	—		5.4		0.4	6.3	6.7	(2.1)	2011	(A)
Sun Retreats Hay Bay	Napanee, ON	—	0.9	2.1	—		2.4		0.9	4.5	5.4	(1.1)	2016	(A)
Sun Retreats Homosassa River(8)	Homosassa Springs, FL	—	1.5	5.0	—		3.8		1.5	8.8	10.3	(2.1)	2016	(A)
Sun Retreats Huntsville	Huntsville, ON	—	2.8	4.3	(0.1)	(1)	0.7		2.7	5.0	7.7	(1.3)	2016	(A)
Sun Retreats Ipperwash	Lambton Shores, ON	—	0.9	1.5	(0.1)	(1)	0.7		0.8	2.2	3.0	(0.6)	2016	(A)
SUN Retreats Lake Josephine(8)	Sebring, FL	—	0.5	2.8	—		3.8		0.5	6.6	7.1	(1.1)	2016	(A)
Sun Retreats Lancaster County	Narvon, PA	—	7.4	7.1	—		5.0		7.4	12.1	19.5	(4.4)	2012	(A)
Sun Retreats Long Beach Island	Barnegat, NJ	—	0.7	3.4	—		2.1		0.7	5.5	6.2	(1.3)	2016	(A)
Sun Retreats Nantahala	Sylva, NC	—	0.1	0.8	—		1.0		0.1	1.8	1.9	(0.5)	2016	(A)
Sun Retreats Naples(8)	Naples, FL	12.9	3.6	2.0	—		2.9		3.6	4.9	8.5	(1.7)	2011	(A)
Sun Retreats Naples East(8)	Naples, FL	—	5.8	5.0	—		3.4		5.8	8.4	14.2	(3.7)	2011	(A)
Sun Retreats New Point	New Point, VA	—	1.6	5.3	—		4.5		1.6	9.8	11.4	(3.8)	2013	(A)
Sun Retreats Ocala Orange Lake(8)	Citra, FL	—	5.3	4.5	0.1		7.2		5.4	11.7	17.1	(4.3)	2012	(A)
Sun Retreats Old Orchard Beach	Old Orchard Beach, ME	—	0.6	7.7	—		3.5		0.6	11.2	11.8	(4.3)	2013	(A)
Sun Retreats Orlando ChampionsGate	Davenport, FL	—	—	—	3.6		18.2		3.6	18.2	21.8	(1.9)	2020	(A)
Sun Retreats Penetanguishene	Tiny, ON	—	1.3	2.1	(0.1)	(1)	2.7		1.2	4.8	6.0	(1.1)	2016	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)			Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land		Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Sun Retreats Peters Pond	Sandwich, MA	—	4.7	22.8	—		4.2	4.7	27.0	31.7	(10.6)	2013	(A)
Sun Retreats Pleasant Acres Farm	Sussex, NJ	—	3.6	6.2	—		2.4	3.6	8.6	12.2	(0.7)	2021	(A)
Sun Retreats Rehoboth Bay	Millsboro, DE	—	3.6	41.3	—		2.3	3.6	43.6	47.2	(6.6)	2019	(A)
Sun Retreats Rock River	Hillsdale, IL	—	1.8	6.0	—		4.0	1.8	10.0	11.8	(2.4)	2017	(A)
Sun Retreats San Antonio West(8)	San Antonio, TX	—	0.8	6.2			2.2	0.8	8.4	9.2	(3.5)	2012	(A)
Sun Retreats Sandbanks	Cherry Valley, ON	—	0.6	1.3	—		1.5	0.6	2.8	3.4	(0.5)	2016	(A)
Sun Retreats Sea Isle	Clermont, NJ	28.8	1.5	29.9	—		4.5	1.5	34.4	35.9	(11.6)	2014	(A)
Sun Retreats Seashore	Cape May, NJ	13.4	1.0	23.2	—		3.8	1.0	27.0	28.0	(9.4)	2014	(A)
Sun Retreats Shenandoah Valley	Stuarts Draft, VA	—	—	—	1.9		19.5	1.9	19.5	21.4	(2.4)	2020	(A)
Sun Retreats Sherkston Shores	Sherkston, ON	—	22.8	97.2	(0.6)	(1)	42.8	22.2	140.0	162.2	(31.5)	2016	(A)
Sun Retreats Silver Lake	Mears, MI	—	0.6	7.0	—		1.6	0.6	8.6	9.2	(1.9)	2018	(C)
Sun Retreats Stratford	Bornholm, ON	—	1.7	2.2	(0.1)	(1)	0.7	1.6	2.9	4.5	(0.7)	2016	(A)
Sun Retreats Texas Hill Country(8)	New Braunfels, TX	—	3.8	27.2	—		4.5	3.8	31.7	35.5	(9.0)	2016	(A&C)
Sun Retreats Turkey Point	Normandale, ON	—	2.6	4.2	(0.1)	(1)	2.1	2.5	6.3	8.8	(1.3)	2016	(A)
Sun Retreats Wild Acres	Old Orchard Beach, ME	—	1.6	26.8	—		8.0	1.6	34.8	36.4	(14.5)	2013	(A)
Sun Retreats Willow Lake	Scotland, ON	—	1.2	2.3	—		1.3	1.2	3.6	4.8	(0.8)	2016	(A)
Sun Valley	Apache Junction, AZ	10.8	2.8	18.4	—		1.6	2.8	20.0	22.8	(6.3)	2014	(A)
Sun Villa Estates	Reno, NV	22.3	2.4	11.8	(1.1)	(3)	3.1	1.3	14.9	16.2	(10.7)	1998	(A)
Suncoast Gateway	Port Richey, FL	—	0.6	0.3	—		1.1	0.6	1.4	2.0	(0.5)	2016	(A)
Sundance	Zephyrhills, FL	—	0.9	25.3	—		1.3	0.9	26.6	27.5	(7.7)	2015	(A)
Sunlake Estates	Grand Island, FL	19.6	6.3	24.1	0.5		3.2	6.8	27.3	34.1	(7.7)	2015	(A)
Sunrise Estates	Banning, CA	—	5.5	17.2	—		0.6	5.5	17.8	23.3	(1.0)	2022	(A)
Sunset Beach RV Resort	Cape Charles, VA	—	3.8	24.0	—		3.6	3.8	27.6	31.4	(6.5)	2016	(A)
Sunset Harbor at Cow Key Marina	Key West, FL	—	8.6	7.6	—		1.8	8.6	9.4	18.0	(2.3)	2016	(A)
Sunset Ridge(8)	Portland, MI	—	2.0	—	—		43.1	2.0	43.1	45.1	(15.7)	1998	(C)
Sunset Ridge (TX)	Kyle, TX	—	2.2	2.8	—		37.2	2.2	40.0	42.2	(7.4)	2000	(A&C)
Swan Meadow Village	Dillon, CO	12.4	2.1	19.7	—		0.6	2.1	20.3	22.4	(6.2)	2014	(A)
Sweetwater(8)	Zephyrhills, FL	9.6	1.3	9.1	—		2.9	1.3	12.0	13.3	(3.2)	2016	(A)
Sycamore Village	Mason, MI	—	0.4	13.3	—		5.0	0.4	18.3	18.7	(7.8)	2011	(A)
Sylvan Crossing	Chelsea, MI	—	2.2	22.4	—		3.1	2.2	25.5	27.7	(2.0)	2021	(A)
Sylvan Glen Estates	Brighton, MI	—	2.7	22.7	—		4.1	2.7	26.8	29.5	(2.3)	2021	(A)
Tallowwood Isle	Coconut Creek, FL	—	13.8	20.8	0.2		2.9	14.0	23.7	37.7	(5.7)	2016	(A)
Tamarac Village(8)	Ludington, MI	17.7	0.4	12.0	—		3.5	0.4	15.5	15.9	(5.9)	2011	(A)
Tampa East(8)	Dover, FL	—	0.7	6.3	—		10.3	0.7	16.6	17.3	(8.0)	2005	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Tanglewood Village	Brownstown, MI	—	0.5	21.6	1.1	1.4	1.6	23.0	24.6	(2.0)	2021	(A)
The Colony(2)	Oxnard, CA	—	—	6.4	—	1.1	—	7.5	7.5	(2.0)	2016	(A)
The Foothills(5)	Fort Collins, CO	—	3.8	—	1.1	2.8	4.9	2.8	7.7	—	2021	(C)
The Grove at Alta Ridge	Thornton, CO	24.8	5.4	37.1	—	0.8	5.4	37.9	43.3	(12.0)	2014	(A)
The Hamptons Golf & Country Club	Auburndale, FL	63.8	15.9	67.6	—	5.7	15.9	73.3	89.2	(21.0)	2015	(A)
The Hideaway	Key West, FL	—	2.7	1.0	—	1.2	2.7	2.2	4.9	(0.6)	2016	(A)
The Hills	Apopka, FL	—	1.8	3.9	—	1.6	1.8	5.5	7.3	(1.4)	2016	(A)
The Landings at Lake Henry	Haines City, FL	10.9	3.1	31.0	—	3.1	3.1	34.1	37.2	(9.8)	2015	(A)
The Ridge	Davenport, FL	34.5	8.4	35.5	—	2.2	8.4	37.7	46.1	(11.1)	2015	(A)
The Valley	Apopka, FL	—	2.5	5.7	—	1.7	2.5	7.4	9.9	(1.9)	2016	(A)
The Villas at Calla Pointe	Cheektowaga, NY	—	0.4	11.0	—	0.2	0.4	11.2	11.6	(3.6)	2014	(A)
The Willows	Goshen, IN	—	0.7	15.8	—	2.4	0.7	18.2	18.9	(1.5)	2021	(A)
Themeworld(8)	Davenport, FL	—	2.9	24.1	—	4.6	2.9	28.7	31.6	(2.5)	2021	(A)
Three Gardens	Southington, CT	—	2.0	6.7	—	0.5	2.0	7.2	9.2	(1.1)	2019	(A)
Three Lakes	Hudson, FL	—	5.1	3.4	—	3.4	5.1	6.8	11.9	(2.8)	2012	(A)
Thunderhill Estates	Sturgeon Bay, WI	5.0	0.6	9.0	0.5	3.2	1.1	12.2	13.3	(3.9)	2014	(A)
Timber Ridge	Ft. Collins, CO	36.2	1.0	9.2	—	4.3	1.0	13.5	14.5	(9.9)	1996	(A)
Timberline Estates	Coopersville, MI	23.4	0.5	4.9	—	4.1	0.5	9.0	9.5	(5.9)	1994	(A)
Town & Country	Traverse City, MI	—	0.4	3.7	—	2.6	0.4	6.3	6.7	(4.0)	1996	(A)
Town & Country Village	Lisbon, ME	2.3	0.2	4.5	—	1.0	0.2	5.5	5.7	(1.8)	2014	(A)
Tranquility MHC	Bushnell, FL	—	1.3	—	—	1.0	1.3	1.0	2.3	(0.1)	2021	(C)
Traveler's World(8)	San Antonio, TX	—	0.8	8.0	—	1.9	0.8	9.9	10.7	(2.5)	2016	(A)
Treetops(8)	Arlington, TX	—	0.7	9.8	—	2.5	0.7	12.3	13.0	(3.1)	2016	(A)
Troy Villa	Troy, MI	—	5.6	16.5	—	4.4	5.6	20.9	26.5	(2.6)	2020	(A)
Vallecito	Newbury Park, CA	27.6	25.8	9.8	—	1.3	25.8	11.1	36.9	(2.8)	2016	(A)
Victor Villa	Victorville, CA	16.7	2.5	20.4	—	1.6	2.5	22.0	24.5	(5.7)	2016	(A)
Vines(8)	Paso Robles, CA	—	0.9	7.1	—	1.8	0.9	8.9	9.8	(3.5)	2013	(A)
Vista Del Lago	Scotts Valley, CA	23.9	17.8	9.5	—	1.7	17.8	11.2	29.0	(2.8)	2016	(A)
Vista Del Lago MH & RV Resort	Bradenton, FL	7.9	3.6	5.3	—	2.2	3.6	7.5	11.1	(1.8)	2016	(A)
Vizcaya Lakes	Port Charlotte, FL	—	0.7	4.2	0.6	1.3	1.3	5.5	6.8	(1.4)	2015	(A)
Walden Woods I(10)	Homosassa, FL	10.2	1.6	26.4	(0.9)	(11.8)	0.7	14.6	15.3	(4.2)	2015	(A)
Walden Woods II(10)	Homosassa, FL	—	—	—	0.8	13.9	0.8	13.9	14.7	(4.0)	2015	(A)
Warren Dunes Village	Bridgman, MI	—	0.3	3.4	1.2	11.0	1.5	14.4	15.9	(5.0)	2011	(A&C)
Water Oak Country Club Estates	Lady Lake, FL	72.9	2.8	16.7	3.1	74.7	5.9	91.4	97.3	(31.2)	1993	(A&C)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances(4)		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Waters Edge(8)	Zephyrhills, FL	6.4		1.2		5.5		—		3.1		1.2		8.6		9.8		(2.3)		2016	(A)
Waverly Shores Village	Holland, MI	13.3		0.3		7.3		0.5		5.7		0.8		13.0		13.8		(4.3)		2011	(A&C)
West Village Estates	Romulus, MI	—		0.9		19.8		—		4.1		0.9		23.9		24.8		(9.3)		2012	(A)
Westbrook Senior Village	Toledo, OH	5.4		0.4		3.3		—		0.7		0.4		4.0		4.4		(2.8)		2001	(A)
Westbrook Village	Toledo, OH	26.7		1.1		10.5		—		7.1		1.1		17.6		18.7		(11.7)		1999	(A)
Westside Ridge	Auburndale, FL	7.9		0.8		10.7		—		1.2		0.8		11.9		12.7		(3.4)		2015	(A)
Westward Shores Cottages & RV Resort	West Ossipee, NH	—		1.9		15.3		—		15.0		1.9		30.3		32.2		(5.3)		2018	(A)
White Lake	White Lake, MI	26.3		0.7		6.2		—		12.3		0.7		18.5		19.2		(11.1)		1997	(A&C)
Wildwood Community	Sandwich, IL	21.6		1.9		37.7		—		1.8		1.9		39.5		41.4		(12.5)		2014	(A)
Willow Crossing(8)	Fort Lupton, CO	—		5.1		—		—		41.4		5.1		41.4		46.5		(0.3)		2021	(C)
Willowbrook Place	Toledo, OH	20.0		0.8		7.1		—		8.2		0.8		15.3		16.1		(9.1)		1997	(A)
Windham Hills	Jackson, MI	—		2.7		2.4		—		19.4		2.7		21.8		24.5		(12.5)		1998	(A&C)
Windmill Village	Davenport, FL	42.6		7.6		36.3		—		1.6		7.6		37.9		45.5		(10.9)		2015	(A)
Windsor Woods Village	Wayland, MI	—		0.3		5.8		—		2.5		0.3		8.3		8.6		(3.8)		2011	(A)
Woodhaven Place	Woodhaven, MI	16.8		0.5		4.5		—		9.3		0.5		13.8		14.3		(7.5)		1998	(A)
Woodlake Trails	San Antonio, TX	—		1.1		0.3		—		21.6		1.1		21.9		23.0		(8.6)		2000	(A&C)
Woodland Park Estates	Eugene, OR	—		1.6		14.4		—		1.4		1.6		15.8		17.4		(12.7)		1998	(A)
Woodlands at Church Lake	Groveland, FL	—		2.5		9.1		—		7.4		2.5		16.5		19.0		(3.9)		2015	(A)
Woodside Terrace	Holland, OH	30.8		1.1		9.6		—		16.2		1.1		25.8		26.9		(15.3)		1997	(A)
Wymberly	Martinez, GA	—		3.1		14.5		—		9.9		3.1		24.4		27.5		(2.9)		2019	(A)
Yankee Village	Old Saybrook, CT	—		1.6		0.4		—		—		1.6		0.4		2.0		(0.1)		2019	(A)
		$	3,495.7	$	1,686.3	$	6,114.8	$	99.3	$	3,819.7	$	1,785.6	$	9,934.5	$	11,720.1	$	(2,833.7)
Corporate Headquarters and Other Fixed Assets	Southfield, MI	—		0.5		0.5		1.1		199.2		1.6		199.7		201.3		(51.5)
		$	3,495.7	$	1,686.8	$	6,115.3	$	100.4	$	4,018.9	$	1,787.2	$	10,134.2	$	11,921.4	$	(2,885.2)

(1)Gross amount carried at December 31, 2023, at our Canadian properties, reflects the impact of foreign currency translation.

(2)All or part of this property is subject to a ground lease.

(3)Gross amount carried at December 31, 2023 has decreased at this property due to a partial disposition of land or depreciable assets, as applicable.

(4)Balance outstanding represents total amount due at maturity and excludes any premiums or discounts and deferred financing costs.

(5)This property was not included in our community count as of December 31, 2023 as it was not fully developed.

(6)This property was impaired as a result of Hurricane Irma in September 2017.

(7)This property was split into two separate properties in 2021.

(8)This property had a name change during the year ended December 31, 2023.

(9)This property was impaired as a result of Hurricane Ian in October 2022.

(10)This property is one physical property but was split into two separate properties for encumbrance reporting purposes.

The following tables set forth real estate and accumulated depreciation relating to our MH properties in the UK.


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land			Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Alberta	Whitstable, Kent, England	$	—	$	23.5	$	2.3	$	0.9		$	0.5	$	24.4	$	2.8	$	27.2	$	(0.3)	2022	(A)
Amble Links	Amble, Northumberland, England	—		59.5		4.5		—			0.3		59.5		4.8		64.3		(0.3)		2022	(A)
Ashbourne Heights	Ashbourne, Derbyshire, England	—		7.0		2.4		—			0.5		7.0		2.9		9.9		(0.2)		2022	(A)
Beauport	Hastings, Sussex, England	—		72.9		5.1		—			0.7		72.9		5.8		78.7		(0.3)		2022	(A)
Birchington Vale(3)	Birchington, Kent, England	—		3.5		12.2		—			(0.1)		3.5		12.1		15.6		(0.8)		2022	(A)
Bodmin Holiday Park (formerly Cornwall)	Bodmin, Cornwall, England	—		6.9		6.6		—			2.7		6.9		9.3		16.2		(0.1)		2022	(A)
Bowland Fell	Skipton, Yorkshire, England	—		9.2		4.5		—			6.1		9.2		10.6		19.8		(0.6)		2022	(A)
Broadland Sands	Lowestoft, Suffolk, England	—		36.2		14.6		1.8			3.9		38.0		18.5		56.5		(1.4)		2022	(A)
Brynteg	Llanryg, Caernafon, Wales	—		24.9		6.8		—			1.9		24.9		8.7		33.6		(0.4)		2022	(A)
Burghead / Lossiemouth / Silver Sands	Burghead, Moray, Scotland	—		34.3		7.9		—			8.1		34.3		16.0		50.3		(0.8)		2022	(A)
Carlton Meres	Saxmundham, Suffolk, England	—		33.9		10.2		—			5.7		33.9		15.9		49.8		(1.1)		2022	(A)
Chantry	West Witton, Yorkshire, England	—		10.8		1.3		—			0.1		10.8		1.4		12.2		(0.1)		2022	(A)
Chichester Lakeside	Chichester, Sussex, England	—		71.1		9.3		—			6.4		71.1		15.7		86.8		(0.9)		2022	(A)
Coghurst Hall	Hastings, Sussex, England	—		47.4		7.0		—			(0.4)		47.4		6.6		54.0		(0.7)		2022	(A)
Dawlish Sands	Dawlish, Devon, England	—		10.2		3.9		—			0.1		10.2		4.0		14.2		(0.5)		2022	(A)
Dovercourt	Harwich, Essex, England	—		37.9		10.1		—			0.3		37.9		10.4		48.3		(0.8)		2022	(A)
Felixstowe Beach	Felixstowe, Suffolk, England	—		16.0		6.3		—			1.0		16.0		7.3		23.3		(0.5)		2022	(A)
Glendale	Wigton, Cumbria, England	—		18.0		12.0		0.1			3.4		18.1		15.4		33.5		(0.6)		2022	(A)
Golden Sands	Dawlish, Devon, England	—		34.4		8.2		—			4.9		34.4		13.1		47.5		(1.4)		2022	(A)
Harts	Isle of Sheppey, Kent, England	—		28.9		8.8		—			1.7		28.9		10.5		39.4		(0.8)		2022	(A)
Hedley Wood	Holsworthy, Devon, England	—		2.4		2.4		—			9.9		2.4		12.3		14.7		(0.6)		2022	(A)
Henfold(1)(2)(4)	Dorking, Surrey, England	—		108.1		—		(108.1)		(4)	89.2		—		89.2		89.2		—		2021	(A)
Hengar Manor	Bodmin, Cornwall, England	—		8.0		5.4		—			3.4		8.0		8.8		16.8		(0.5)		2022	(A)
Littondale	Skipton, Yorkshire, England	—		1.9		1.6		—			0.1		1.9		1.7		3.6		(0.1)		2022	(A)
Malvern View	Stanford Bishop, Worcester, England	—		17.4		9.0		—			2.6		17.4		11.6		29.0		(0.5)		2022	(A)
Marlie	Romney, Kent, England	—		40.9		8.2		—			1.1		40.9		9.3		50.2		(0.8)		2022	(A)
Martello Beach	Clacton on Sea, Essex, England	—		17.3		7.9		—			12.7		17.3		20.6		37.9		(1.1)		2022	(A)
New Beach	Dymchurch, Kent, England	—		52.5		9.7		—			3.2		52.5		12.9		65.4		(1.0)		2022	(A)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)					Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land			Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Newhaven	Buxton, Derbyshire, England	—		—		7.3		1.7			(1.1)		1.70		6.2		7.9		(0.2)		2022	(A)
Oaklands	Clacton on Sea, Essex, England	—		20.4		1.9		—			0.6		20.4		2.5		22.9		(0.1)		2022	(A)
Old Kerrow(2)(4)	Llfracombe, Devon, England	—		—		28.0		—			—		—		28.0		28.0		—		2023	(A)
Oyster Bay	Truro, Cornwall, England	—		18.7		2.4		—			1.6		18.7		4.0		22.7		(0.2)		2022	(A)
Pakefield(3)	Pakefield, Suffolk, England	—		12.3		3.6		—			0.4		12.3		4.0		16.3		(0.2)		2022	(A)
Par Sands(3)	Par, Cornwall, England	—		—		5.6		—			0.5		—		6.1		6.1		(0.3)		2022	(A)
Pentire	Bude, Cornwall, England	—		17.2		3.5		—			1.8		17.2		5.3		22.5		(0.4)		2022	(A)
Pevensey Bay	Pevensey Bay, Sussex, England	—		44.1		6.1		—			4.0		44.1		10.1		54.2		(0.8)		2022	(A)
Plas Coch	Llanedwen, Anglesey, Wales	—		30.8		10.3		—			1.1		30.8		11.4		42.2		(0.6)		2022	(A)
Polperro	Looe, Cornwall, England	—		3.5		4.5		—			1.0		3.5		5.5		9.0		(0.4)		2022	(A)
Ribble Valley	Clitheroe, Lancashire, England	—		25.5		2.0		—			0.4		25.5		2.4		27.9		(0.1)		2022	(A)
Rye Harbour	Rye, Sussex, England	—		32.7		2.1		—			2.4		32.7		4.5		37.2		(0.2)		2022	(A)
Sand le Mere	Hull, Yorkshire, England	—		25.1		11.5		—			3.8		25.1		15.3		40.4		(1.2)		2022	(A)
Sandhills	Christchurch, Dorset, England	—		36.2		2.1		—			0.1		36.2		2.2		38.4		(0.2)		2022	(A)
Sandy Bay(1)(2)	Canvey Island, Essex, England	—		235.7		12.3		(0.7)		(1)	12.6		235.0		24.9		259.9		(1.6)		2022	(A)
Seaview	Whitstable, Kent, England	—		54.1		4.4		—			1.7		54.1		6.1		60.2		(0.4)		2022	(A)
Seawick	Clacton on Sea, Essex, England	—		29.7		9.6		—			0.5		29.7		10.1		39.8		(0.4)		2022	(A)
Solent Breezes	Fareham, Hampshire, England	—		30.4		3.0		—			0.6		30.4		3.6		34.0		(0.2)		2022	(A)
St. Osyth Beach	Clacton on Sea, Essex, England	—		35.5		6.1		—			1.1		35.5		7.2		42.7		(0.6)		2022	(A)
Steeple Bay	Sothminster, Essex, England	—		23.7		5.9		—			0.8		23.7		6.7		30.4		(0.3)		2022	(A)
Stowford(2)(4)	Llfracombe, Devon, England	—		—		145.4		—			—		—		145.4		145.4		—		2023	(A)
Suffolk Sands(3)	Felixstowe, Suffolk, England	—		—		0.6		1.9			2.2		1.9		2.8		4.7		(0.2)		2022	(A)
Tarka	Barnstaple, Devon, England	—		8.2		2.3		—			(0.4)		8.2		1.9		10.1		(0.1)		2022	(A)
Trevella(3)	Newquay, Cornwall, England	—		—		9.2		—			0.9		—		10.1		10.1		(0.5)		2022	(A)
Turnberry	Girvan, Ayrshire, Scotland	—		5.4		2.3		—			0.7		5.4		3.0		8.4		(0.2)		2022	(A)
Waterside(3)	Paignton, Devon, England	—		—		5.8		—			7.3		—		13.1		13.1		(0.5)		2022	(A)
West Mersea	West Mersea, Essex, England	—		19.9		2.8		—			0.2		19.9		3.0		22.9		(0.2)		2022	(A)
Winchelsea Sands	Winchelsea, Sussex, England	—		16.0		3.2		—			1.0		16.0		4.2		20.2		(0.3)		2022	(A)
Wood Farm	Charmouth, Dorset, England	—		11.9		3.8		—			1.4		11.9		5.2		17.1		(0.3)		2022	(A)
Yorkshire Dales	Leyburn, Yorkshire, England	—		9.9		1.0		—			0.2		9.9		1.2		11.1		(0.1)		2022	(A)
		$	—	$	1,581.9	$	496.8	$	(102.4)		$	217.4	$	1,479.5	$	714.2	$	2,193.7	$	(28.0)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
UK Headquarters and Other(3)	Sussex, England	—		0.6		12.7		2.6		18.8		3.2		31.5		34.7		(7.4)
		$	—	$	1,582.5	$	509.5	$	(99.8)	$	236.2	$	1,482.7	$	745.7	$	2,228.4	$	(35.4)

(1) Gross amount carried at December 31, 2023 reflects the impact of foreign currency translation.

(2) This property was not included in our community count as of December 31, 2023 as it was not fully developed.

(3) All or part of this property is subject to a ground lease.

(4) These properties were reacquired in exchange for settlement of the related note receivable. Refer to Note 4, "Notes and Other Receivables," for additional information.

The following tables set forth real estate and accumulated depreciation relating to our Safe Harbor marinas.


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Allen Harbor(3)	North Kingstown, RI	$	—	$	—	$	4.0	$	—	$	4.6	$	—	$	8.6	$	8.6	$	(0.6)	2021	(A)
Anacapa Isle(3)	Oxnard, CA	—		—		10.9		—		7.8		—		18.7		18.7		(1.6)		2020	(A)
Angler House	Islamorada, FL	—		3.5		2.5		—		0.6		3.5		3.1		6.6		(0.6)		2021	(A)
Annapolis	Annapolis, MD	—		12.5		12.4		—		3.5		12.5		15.9		28.4		(1.9)		2020	(A)
Aqua Yacht	Iuka, MS	—		1.2		15.8		—		2.0		1.2		17.8		19.0		(4.0)		2020	(A)
Aqualand(3)	Flowery Branch, GA	—		—		35.9		—		18.1		—		54.0		54.0		(9.0)		2020	(A)
Bahia Bleu	Thunderbolt, GA	—		2.4		8.1		—		1.3		2.4		9.4		11.8		(1.6)		2020	(A)
Ballena Isle	Alameda, CA	—		0.7		21.3		—		2.7		0.7		24.0		24.7		(3.7)		2020	(A)
Bayfront(3)	Chula Vista, CA	—		—		11.3		—		0.3		—		11.6		11.6		(1.1)		2022	(A)
Beaufort(3)	Beaufort, SC	—		—		1.8		—		0.5		—		2.3		2.3		(0.6)		2020	(A)
Beaver Creek(3)	Monticello, KY	—		—		10.8		—		1.2		—		12.0		12.0		(1.7)		2020	(A)
Belle Maer	Harrison Township, MI	—		4.1		14.6		—		0.9		4.1		15.5		19.6		(3.3)		2020	(A)
Bluewater	Hampton, VA	—		14.1		8.3		—		2.0		14.1		10.3		24.4		(1.1)		2022	(A)
Bohemia Vista	Chesapeake Bay, MD	—		1.3		1.3		—		1.7		1.3		3.0		4.3		(0.8)		2020	(A)
Brady Mountain(3)	Royal, AR	—		—		22.3		—		5.2		—		27.5		27.5		(6.5)		2020	(A)
Bristol	Charleston, SC	—		1.3		7.5		—		0.7		1.3		8.2		9.5		(1.1)		2020	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Bruce & Johnsons	Branford, CT	—	9.3	25.4	—	2.3	9.3	27.7	37.0	(3.9)	2020	(A)
Burnside(3)	Somerset, KY	—	—	11.8	—	0.8	—	12.6	12.6	(2.4)	2020	(A)
Burnt Store(5)	Punta Gorda, FL	—	17.6	16.5	0.1	13.4	17.7	29.9	47.6	(3.5)	2020	(A)
Cabrillo Isle(3)	San Diego, CA	—	—	37.7	—	2.0	—	39.7	39.7	(3.3)	2021	(A)
Calusa Island(5)	Goodland, FL	—	18.5	6.9	—	5.4	18.5	12.3	30.8	(2.0)	2020	(A)
Cape Harbour(5)	Cape Coral, FL	—	5.5	6.0	—	3.2	5.5	9.2	14.7	(1.1)	2020	(A)
Capri	Port Washington, NY	—	7.7	16.0	—	2.0	7.7	18.0	25.7	(2.3)	2020	(A)
Carroll Island	Baltimore, MD	—	1.2	1.6	—	3.0	1.2	4.6	5.8	(1.5)	2020	(A)
Charleston City(3)(7)	Charleston, SC	—	—	40.5	—	36.5	—	77.0	77.0	(6.6)	2020	(A)
City Boatyard	Charleston, SC	—	3.4	7.9	—	2.6	3.4	10.5	13.9	(2.0)	2020	(A)
Cove Haven	Barrington, RI	—	10.0	9.8	—	7.6	10.0	17.4	27.4	(2.2)	2020	(A)
Cowesett(6)	Warwick, RI	—	22.8	23.0	—	4.7	22.8	27.7	50.5	(4.0)	2020	(A)
Crystal Point	Point Pleasant, NJ	—	1.3	2.3	—	2.4	1.3	4.7	6.0	(0.5)	2020	(A)
Dauntless(1)	Essex, CT	—	4.2	18.7	—	3.3	4.2	22.0	26.2	(2.8)	2020	(A)
Dauntless Shipyard(1)	Essex, CT	—	—	—	—	—	—	—	—	—	2020	(A)
Deep River	Deep River, CT	—	4.7	5.0	—	1.2	4.7	6.2	10.9	(1.2)	2020	(A)
Detroit River	Detroit, MI	—	1.5	7.4	—	3.4	1.5	10.8	12.3	(1.4)	2021	(A)
Eagle Cove(3)	Byrdstown, TN	—	—	4.6	—	0.8	—	5.4	5.4	(2.2)	2020	(A)
Edgartown	Edgartown, MA	—	7.6	5.1	—	0.7	7.6	5.8	13.4	(1.2)	2021	(A)
Emerald Coast	Niceville, FL	—	2.6	5.8	—	2.4	2.6	8.2	10.8	(1.3)	2021	(A)
Emerald Point(3)	Austin, TX	—	—	18.1	—	5.7	—	23.8	23.8	(6.0)	2020	(A)
Emeryville(3)	Emeryville, CA	—	—	17.2	—	1.8	—	19.0	19.0	(2.4)	2020	(A)
Essex Island(1)	Essex, CT	—	—	—	—	—	—	—	—	—	2020	(A)
Ferry Point	Old Saybrook, CT	—	1.6	7.4	—	2.5	1.6	9.9	11.5	(1.3)	2020	(A)
Fiddler's Cove	North Falmouth, MA	—	13.7	11.9	—	1.5	13.7	13.4	27.1	(1.7)	2020	(A)
Gaines	Rouses Point, NY	—	0.4	2.7	—	0.9	0.4	3.6	4.0	(1.3)	2020	(A)
Glen Cove	Glen Cove, NY	—	8.2	16.9	—	3.4	8.2	20.3	28.5	(2.9)	2020	(A)
Grand Isle	Grand Haven, MI	—	6.0	5.2	—	6.9	6.0	12.1	18.1	(2.6)	2020	(A)
Great Island	Harpswell, ME	—	9.8	13.0	0.9	12.6	10.7	25.6	36.3	(2.6)	2020	(A)
Great Lakes	Muskegon, MI	—	6.1	5.7	—	5.7	6.1	11.4	17.5	(2.6)	2020	(A)
Great Oak Landing	Chestertown, MD	—	1.1	3.9	—	7.9	1.1	11.8	12.9	(2.2)	2020	(A)
Green Harbor	Marshfield, MA	—	8.3	5.6	—	5.3	8.3	10.9	19.2	(1.1)	2020	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
Greenport(2)	Greenport, NY	—	31.1	10.2	—	3.3	31.1	13.5	44.6	(2.8)	2020	(A)
Greenwich Bay	Warwick, RI	—	5.3	4.5	0.2	6.7	5.5	11.2	16.7	(2.6)	2020	(A)
Grider Hill(3)	Albany, KY	—	—	11.0	—	2.7	—	13.7	13.7	(5.4)	2020	(A)
Hacks Point	Chesapeake Bay, MD	—	0.3	1.0	—	1.8	0.3	2.8	3.1	(0.5)	2020	(A)
Harbor House	Stamford, CT	—	—	3.3	—	—	—	3.3	3.3	(0.9)	2020	(A)
Harborage Yacht Club	Stuart, FL	—	4.1	13.4	—	2.1	4.1	15.5	19.6	(1.6)	2021	(A)
Harbors View(3)	Afton, OK	—	0.3	1.2	—	0.5	0.3	1.7	2.0	(0.6)	2020	(A)
Harbortown	Fort Pierce, FL	—	23.2	12.9	—	11.0	23.2	23.9	47.1	(2.9)	2020	(A)
Haverstraw(3)	West Haverstraw, NY	—	—	17.1	0.1	1.4	0.1	18.5	18.6	(3.3)	2020	(A)
Hawthorne Cove	Salem, MA	—	1.8	11.6	—	5.7	1.8	17.3	19.1	(2.7)	2020	(A)
Hideaway Bay(3)	Flowery Branch, GA	—	—	26.1	—	2.8	—	28.9	28.9	(4.2)	2020	(A)
Holly Creek(3)	Celina, TN	—	0.1	7.0	—	3.5	0.1	10.5	10.6	(1.8)	2020	(A)
Islamorada	Islamorada, FL	—	3.7	8.4	—	2.3	3.7	10.7	14.4	(1.5)	2021	(A)
Island Park	Portsmouth, RI	—	7.5	3.6	—	1.7	7.5	5.3	12.8	(0.7)	2020	(A)
Jamestown(3)	Jamestown, KY	—	—	32.0	—	3.6	—	35.6	35.6	(5.5)	2020	(A)
Jamestown Boatyard	Jamestown, RI	—	3.9	3.4	—	2.2	3.9	5.6	9.5	(0.8)	2020	(A)
Jarrett Bay Boatworks	Beaufort, NC	—	10.0	11.3	0.2	2.1	10.2	13.4	23.6	(2.4)	2022	(A)
Jefferson Beach	St. Clair Shores, MI	—	19.2	18.1	—	4.2	19.2	22.3	41.5	(4.5)	2020	(A)
Kings Point	Cornelius, NC	—	10.7	14.1	—	2.9	10.7	17.0	27.7	(2.4)	2020	(A)
Kittery Point	Kittery, ME	—	4.0	4.0	—	0.9	4.0	4.9	8.9	(0.5)	2022	(A)
Lakefront	Port Clinton, OH	—	0.5	1.8	—	5.0	0.5	6.8	7.3	(1.3)	2020	(A)
Lauderdale Marine Center	Fort Lauderdale, FL	—	179.7	158.7	—	21.0	179.7	179.7	359.4	(18.2)	2021	(A)
Loch Lomond	San Rafael, CA	—	5.2	7.4	—	10.3	5.2	17.7	22.9	(2.4)	2020	(A)
Manasquan River	Brick Township, NJ	—	2.0	1.7	—	2.4	2.0	4.1	6.1	(0.7)	2020	(A)
Marathon	Marathon, FL	—	6.2	13.1	—	2.0	6.2	15.1	21.3	(1.9)	2021	(A)
Marina Bay	Quincy, MA	—	10.6	19.6	—	6.1	10.6	25.7	36.3	(2.8)	2020	(A)
Marina Bay Yacht Harbor	Richmond, CA	—	0.8	15.4	—	0.4	0.8	15.8	16.6	(1.1)	2022	(C)
Montauk Yacht Club	Montauk, NY	—	65.8	97.9	—	9.0	65.8	106.9	172.7	(6.1)	2022	(A)
Mystic	Mystic, CT	—	1.3	13.5	1.0	3.0	2.3	16.5	18.8	(2.3)	2020	(A)
Narrows Point	Grasonville, MD	—	9.1	11.5	—	7.2	9.1	18.7	27.8	(4.1)	2020	(A)
New England Boatworks	Portsmouth, RI	—	21.9	17.4	—	11.6	21.9	29.0	50.9	(5.9)	2020	(A)


			Initial Cost to Company		Costs Capitalized Subsequent to Acquisition (Improvements)		Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances	Land	Depreciable Assets	Land	Depreciable Assets	Land	Depreciable Assets	Total	Accumulated Depreciation	Date	Acquired (A) or Constructed (C)
New Port Cove	Riviera Beach, FL	—	19.0	2.5	—	1.0	19.0	3.5	22.5	(1.2)	2020	(A)
Newport Shipyard	Newport, RI	—	17.7	52.2	—	9.0	17.7	61.2	78.9	(8.2)	2020	(A)
North Palm Beach	North Palm Beach, FL	—	16.6	11.6	—	5.9	16.6	17.5	34.1	(1.7)	2020	(A)
Old Port Cove	North Palm Beach, FL	—	27.8	26.8	—	2.4	27.8	29.2	57.0	(3.8)	2020	(A)
Onset Bay	Buzzards Bay, MA	—	5.9	5.1	—	5.0	5.9	10.1	16.0	(1.2)	2020	(A)
Outer Banks	Wanchese, NC	—	—	9.2	—	3.4	—	12.6	12.6	(1.2)	2022	(A)
Oxford	Oxford, MD	—	0.9	4.9	—	1.8	0.9	6.7	7.6	(1.3)	2020	(A)
Peninsula Yacht Club	Cornelius, NC	—	9.5	19.0	—	5.2	9.5	24.2	33.7	(2.7)	2020	(A)
Pier 121(3)	Lewisville, TX	—	—	66.2	—	20.5	—	86.7	86.7	(12.9)	2020	(A)
Pier 77	Bradenton, FL	—	1.1	4.1	—	0.7	1.1	4.8	5.9	(0.8)	2020	(A)
Pilots Point	Westbrook, CT	—	12.7	43.8	—	4.8	12.7	48.6	61.3	(6.3)	2020	(A)
Pineland(5)	Bokeelia, FL	—	10.8	6.4	—	3.1	10.8	9.5	20.3	(1.9)	2020	(A)
Plymouth	Plymouth, MA	—	7.0	14.4	—	4.2	7.0	18.6	25.6	(2.1)	2020	(A)
Podickory Point	Annapolis, MD	—	1.8	1.5	—	1.8	1.8	3.3	5.1	(0.5)	2021	(A)
Port Phoenix(3)	North Fort Myers, FL	—	—	—	—	1.8	—	1.8	1.8	(0.1)	2022	(A)
Port Royal(4)	Port Royal, SC	—	16.0	4.9	(0.7)	4.3	15.3	9.2	24.5	(1.5)	2021	(A)
Port Royal Landing	Port Royal, SC	—	1.5	1.7	—	1.5	1.5	3.2	4.7	(0.8)	2020	(A)
Post Road(4)	Mamaroneck, NY	—	4.2	2.5	(0.6)	1.9	3.6	4.4	8.0	(0.7)	2020	(A)
Puerto del Rey	Fajardo, Puerto Rico	—	15.9	77.4	—	8.9	15.9	86.3	102.2	(7.5)	2021	(A)
Regatta Pointe(3)	Palmetto, FL	—	—	21.7	—	6.6	—	28.3	28.3	(2.6)	2020	(A)
Reserve Harbor	Pawleys Island, SC	—	2.9	4.7	—	1.1	2.9	5.8	8.7	(1.1)	2020	(A)
Riviera Beach	Riviera Beach, FL	—	46.2	20.2	0.8	9.2	47.0	29.4	76.4	(4.7)	2020	(A)
Rockland	Rockland, ME	—	5.3	10.1	—	6.3	5.3	16.4	21.7	(2.2)	2020	(A)
Sakonnet(4)	Portsmouth, RI	—	5.2	8.5	(0.1)	3.5	5.1	12.0	17.1	(1.4)	2020	(A)
Sandusky(3)	Sandusky, OH	—	0.2	2.9	—	3.8	0.2	6.7	6.9	(1.5)	2020	(A)
Savannah Yacht Center	Savannah, GA	—	21.6	80.3	—	1.5	21.6	81.8	103.4	(4.3)	2023	(A)
Shelburne Shipyard	Shelburne, VT	—	2.3	1.7	—	4.1	2.3	5.8	8.1	(1.1)	2020	(A)
Shelter Island(3)	San Diego, CA	—	—	9.6	—	1.0	—	10.6	10.6	(1.5)	2021	(A)
Siesta Key	Sarasota, FL	—	3.4	6.2	—	4.5	3.4	10.7	14.1	(2.8)	2020	(A)
Silver Spring	Wakefield, RI	—	3.1	2.8	—	1.6	3.1	4.4	7.5	(0.8)	2020	(A)
Skippers Landing	Troutman, NC	—	5.0	2.8	—	2.2	5.0	5.0	10.0	(1.2)	2020	(A)


				Initial Cost to Company				Costs Capitalized Subsequent to Acquisition (Improvements)				Gross Amount Carried at December 31, 2023
Property Name	Location	Encumbrances		Land		Depreciable Assets		Land		Depreciable Assets		Land		Depreciable Assets		Total		Accumulated Depreciation		Date	Acquired (A) or Constructed (C)
Skull Creek	Hilton Head, SC	—		1.1		5.6		—		2.9		1.1		8.5		9.6		(1.0)		2020	(A)
South Bay(3)	Chula Vista, CA	—		—		11.9		—		1.1		—		13.0		13.0		(1.6)		2021	(A)
South Fork	Fort Lauderdale, FL	—		8.0		5.3		—		17.7		8.0		23.0		31.0		(1.5)		2020	(C)
South Harbour Village	Southport, NC	—		0.7		3.8		—		3.6		0.7		7.4		8.1		(0.9)		2020	(A)
Sportsman	Orange Beach, AL	—		22.1		18.9		3.5		18.3		25.6		37.2		62.8		(5.1)		2020	(A)
Stingray Point	Deltaville, VA	—		1.7		1.3		—		0.5		1.7		1.8		3.5		(0.4)		2021	(A)
Stirling(2)	Greenport, NY	—		—		—		—		—		—		—		—		—		2020	(A)
Stratford	Stratford, CT	—		2.3		17.9		—		2.3		2.3		20.2		22.5		(2.5)		2020	(A)
Sunroad(3)	San Diego, CA	—		—		48.2		—		3.7		—		51.9		51.9		(4.4)		2021	(A)
Sunset Bay	Hull, MA	—		2.5		7.6		—		4.6		2.5		12.2		14.7		(1.2)		2020	(A)
Toledo Beach	La Salle, MI	—		1.1		2.5		—		11.2		1.1		13.7		14.8		(1.5)		2020	(A)
Tower Marine	Douglas, MI	—		7.1		13.1		—		1.9		7.1		15.0		22.1		(1.8)		2022	(A)
Trade Winds(3)	Appling, GA	—		—		10.8		—		2.6		—		13.4		13.4		(2.3)		2020	(A)
Ventura Isle(3)	Ventura, CA	—		—		23.9		—		2.8		—		26.7		26.7		(2.5)		2020	(A)
Vineyard Haven	Vineyard Haven, MA	—		6.1		3.9		0.7		5.3		6.8		9.2		16.0		(1.5)		2021	(A)
Walden(3)	Montgomery, TX	—		1.1		4.2		—		2.7		1.1		6.9		8.0		(0.9)		2020	(A)
Wentworth by the Sea	New Castle, NH	—		7.4		6.8		—		1.2		7.4		8.0		15.4		(0.6)		2021	(A)
West Palm Beach	West Palm Beach, FL	—		15.1		33.0		—		13.6		15.1		46.6		61.7		(8.4)		2020	(A)
Westport	Denver, NC	—		3.2		5.8		—		2.7		3.2		8.5		11.7		(2.0)		2020	(A)
Wickford(4)	Wickford, RI	—		1.1		2.4		—		(2.4)		1.1		—		1.1		—		2020	(A)
Wickford Cove	Wickford, RI	—		7.2		13.0		—		8.3		7.2		21.3		28.5		(2.3)		2020	(A)
Willsboro Bay	Willsboro, NY	—		0.6		3.1		—		1.9		0.6		5.0		5.6		(2.3)		2020	(A)
Wisdom Dock(3)	Albany, KY	—		0.3		3.3		—		0.6		0.3		3.9		4.2		(1.3)		2020	(A)
Yacht Haven	Stamford, CT	—		5.6		4.3		—		4.0		5.6		8.3		13.9		(1.4)		2020	(A)
Zahnisers	Solomons, MD	—		1.8		3.6		—		4.7		1.8		8.3		10.1		(1.0)		2020	(A)
		$	—	$	1,002.2	$	1,900.5	$	6.1	$	592.8	$	1,008.3	$	2,493.3	$	3,501.6	$	(335.7)
Marinas Headquarters and Other Fixed Assets	Dallas, TX	—		—		10.3		—		54.8		—		65.1		65.1		(16.6)
		$	—	$	1,002.2	$	1,910.8	$	6.1	$	647.6	$	1,008.3	$	2,558.4	$	3,566.7	$	(352.3)

(1) All costs from Dauntless Shipyard and Essex Island are grouped into Dauntless.

(2) All costs from Stirling are grouped into Greenport.

(3) All or part of this property is subject to a ground lease.

(4) Gross amount carried at December 31, 2023 has decreased at this property due to a partial disposition of land or depreciable assets, as applicable.

(5) This property was impaired as a result of Hurricane Ian in October 2022.

(6) All costs related to Apponaug Harbour are grouped into Cowesett.

(7) All costs related to Ashley Fuels are grouped into Charleston City.

Depreciation of our buildings, improvements, furniture, fixtures and equipment is calculated over the following useful lives, on a straight-line basis:

•Land improvement and buildings: 1 year - 53 years

•Furniture, fixtures and equipment: 1 year - 40 years

•Dock improvements: 1 year - 52 years

•Site improvements: 1 year - 40 years

The aggregate cost of total real estate for federal income tax purposes was approximately $10.9 billion as of December 31, 2023.

The change in investment property for the years ended December 31, 2023, 2022 and 2021 is as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022			December 31, 2021
Beginning balance	$	16,709.9	$	13,762.7		$	11,684.6
Property and land acquisitions, including immediate improvements	368.3		2,657.0			1,730.5
Property expansion and development	276.3		261.8			201.6
Improvements	506.0		418.4			300.3
Asset impairment	(8.1)		(87.3)		(1)	—
Dispositions and other	(135.9)		(302.7)			(154.3)
Ending balance	$	17,716.5	$	16,709.9		$	13,762.7

The change in accumulated depreciation for the years ended December 31, 2023, 2022 and 2021 is as follows (in millions):


	Year Ended
	December 31, 2023		December 31, 2022			December 31, 2021
Beginning balance	$	2,738.9	$	2,337.2		$	1,968.8
Depreciation for the period	590.0		528.6			457.3
Asset impairments	11.9		(58.7)		(1)	—
Dispositions and other	(67.9)		(68.2)			(88.9)
Ending balance	$	3,272.9	$	2,738.9		$	2,337.2

(1)Represents the gross impact due to property impairment charges of $28.6 million resulting from Hurricane Ian. Refer to Note 17, "Commitments and Contingencies," for additional information.